New Delhi, May 25 -- India should set up a centralised oversight mechanism to improve the functioning of quasi-judicial tribunals and unlock huge funds tied up in unresolved disputes, the Confederation of Indian Industry said.

CII said in a statement on Sunday that the efficiency of tribunals adjudicating on important areas such as labour, environment, and taxation is critical for improving the overall ease of doing business.

As of the end of December 2024, Rs.6.7 trillion was pending resolution at the Income Tax Appellate Tribunal (ITAT) alone, accounting for nearly 57% of all the disputed direct tax amount in the country, the industry body said, pitching for a centralised oversight mechanism for tribunals.

Such a mechanism would ensu...