Setting up specialised National Company Law Tribunal benches and adopting an integrated case management software can help in faster resolution of cases under the insolvency law, according to a study.
The Insolvency and Bankruptcy Code provides for a time-bound and market-linked resolution of stressed assets. Of late, many IBC cases are getting delayed due to various factors.
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In its study, Indian Institute of Insolvency Professionals of the Institute of Chartered Accountants of India has suggested various measures that can help in faster insolvency resolution.
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Specialised benches of the NCLT can be constituted from time to time to bring extra focus on matters like resolution plans and avoidance transactions, IIIPI said in a release.
Another suggestion is to have an integrated case management software allowing various stakeholders to interact in a faceless and paperless technological environment.
Among others, the institute has said that pre-packaged insolvency mechanism, currently available for Micro, Small & Medium Enterprises, can be extended to the larger corporate segment.
IIIPI is promoted by the ICAI.
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