NEW DELHI, April 29 -- The Supreme Court on Wednesday took suo motu cognizance of delays and structural gaps in insolvency tribunals, flagging risks to creditors and the effectiveness of India's bankruptcy framework.

A bench of Justices J.B. Pardiwala and K.V. Viswanathan said delays at the National Company Law Tribunal (NCLT), infrastructure gaps and staff shortages must be addressed on a war footing, given their impact on a critical economic framework.

"The picture, highlighted by all before us, is extremely grim and dismal. We take cognizance of the aforesaid in larger public interest. We believe that all the issues as aforesaid need to be addressed on a war footing," the bench observed.

The court's intervention follows a 21 April d...