NCLT suggests IBBI review insolvency code regulations
The National Company Law Tribunal also said that the resolution professional (RP) should be competent and independent so that there are no interruptions in the process which lead to delays in disposal of insolvency cases. Besides, it has said the claims of operational creditors are neglected or ignored as the Committee of Creditors (CoC) has supremacy of the financial creditors (banks and financial institutions) who have control over the entire process
According to NCLT, while there is a need for reforming the regulations of the insolvency code to ensure that it is not misused or misinterpreted. Image source: NCLT website