New Delhi, Aug. 14 -- It is welcome that the government has brought in a bill to amend the Insolvency and Bankruptcy Code (IBC) of 2016. It is equally welcome that the bill in Parliament has been referred right away to a select committee.

Legislation of this kind calls for careful deliberation, an opportunity for stakeholders to present their views to lawmakers and for the latter to arrive at a balanced view of the statutory proposals. That we need to amend the working of the corporate insolvency resolution process (CIRP) under the IBC is beyond dispute.

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The number of IBC cases pending before the National Company Law Tribunal (NCLT) stood at over 12,000 in 2024. ...