NCLT President emphasises need for more manpower amid concerns over IBC case delays
insolvency law, NCLT President Chief Justice (Retd) Ramalingam Sudhakar on Tuesday stressed on the need for more manpower even as he said despite the limitations, it will show success. The National Company Law Tribunal (NCLT) is a key institution in implementing the Insolvency and Bankruptcy Code (IBC).
According to Sudhakar, banks and other financial institutions file petitions containing 20-30 volumes of documents, and there are also innumerable agreements.
"… the interpretation of these documents is a legal argument… please don't imagine that NCLT can do some magic by saying admit debt and default… we can't," he said in the context of delays in admitting cases under the IBC.
Speaking at a function to mark the eighth foundation day of the Insolvency and Bankruptcy Board of India (IBBI) in the national capital, Sudhakar said whatever the limitations, «we will show you success».
«If you put a new law in force, isn't it not required for the ministry to put new members, new judges?.. I have been asking again and again, not only to the ministry but also to Parliament, they should give more numbers. No offence, I am telling you a simple thing, give me the numbers, I will give you the result,» Sudhakar said.
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