New Delhi, Oct. 3 -- National Company Law Tribunal (NCLT) President Anupinder Singh Grewal has called for raising the minimum threshold for initiating insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) from the existing Rs 1 crore to Rs 5 crore or even Rs 10 crore, saying several smaller claims are driven more by recovery objectives than genuine insolvency resolution.

Speaking at an Insolvency and Bankruptcy Board of India (IBBI) event on Thursday, Grewal also called for introducing mediation at the pre-Corporate Insolvency Resolution Process (CIRP) stage to resolve disputes before they lead to formal insolvency proceedings, the Financial Express reported.

Mediation To Prevent Unnecessary Insolvency

Grewal said the N...