SC concerned over delay by NCLT in approving resolution plan under IBC

Parmod KumarNew Delhi, April 21 -- The Supreme Court on Tuesday expressed concern over delays by the National Company Law Tribunal in approving resolution plans for the revival of financially ailing companies under the Insolvency and Bankruptcy Code. It also sought details on the number of applications for approval of resolution plans pending before the Tribunal across the country, the duration of such pendency, and the reasons thereof.

Granting two weeks to the NCLT to furnish the information, a Bench of Justice J.B. Pardiwala and Justice K.V. Viswanathan impleaded the Insolvency and Bankruptcy Board of India (IBBI) as a respondent in the matter and directed it to furnish the information sought by the Court from the National Company Law T...