Kolkata: National Company Law Tribunal (NCLT) has given 270 resolutions in the year 2023-2024 against last year’s 189 resolutions. It is for the first time in a year when the number of outputs has increased from the number of inputs, so the pendency in all India is going down, said Sudhaker Shukla, the whole time member of IBBI (Insolvency and Bankruptcy Board of India).
Addressing stakeholders in the 7th annual conference on Insolvency & Bankruptcy Code (IBC) organised by CII Eastern Region at Kolkata on Saturday, Shukla further highlighted that the Resolution Applicants (RA) are the fifth pillar for IBC, which is among the most important pillar, apart from the four pillars available with IBC. He asserted that the four pillars are more of a supply-side pillar but the fifth pillar is efficient for disposal of resolution.
Shukla stated that over a period of time, the law has evolved and in the year 2023-24, around 12 amendments have been made in IBBI with 86 interventions in a single year. “We are responding to the market needs to bridge the gaps according to the requirements, where sectoral aspects were also touched,
trying to follow the sandbox approach,” he added.