February 1, 2019
NCLT & NCLAT asked RPs to play a critical role to make resolution plans for cases referred to the Two
National Company Law Tribunal (NCLT) on Friday informed that it has succeeded in settling about 3,300 cases relating to resolution plan under Insolvency and Bankruptcy Code 2016 and that the Code is still progressively evolving.
Its President, Hon’ble Chief Justice (Retd.) Mr M M Kumar while speaking at a Seminar on “Resolution Plan under Insolvency and Bankruptcy Code, 2016 and Issues Arising Therefrom” jointly organised by PHD Chamber of Commerce and Industry, NCLT&AT, Society of Indian Law Firms (SILF) and The Bar Association of India also emphasized that the resolution professionals have a greater role to play and seek solutions for the cases referred to NCLT so that these are resolved with utmost sincerity.
Mr Kumar pointed out that the Hon’ble Supreme Court and the RBI have often recalled the contribution of National Company Law Tribunal in settling corporate cases, referred to it with such meticulousness as a result huge amount of money came back to banking institutions.
Ever since, the Insolvency and Bankruptcy Code -2016 came into being, continuously serious and intensive efforts have gone into the direction of seeking resolutions for cases referred to NCLT and adjudicating authorities to find resolutions and liquidation has never been the objective, concluded Mr Kumar.
Chairperson, National Company Law Appellate Tribunal, Justice Mr S J Mukhopadhaya who also spoke on the occasion asked the resolution professionals to perform their assigned duties with meticulous diligence and required detailing so that such professionals not only render required help for carving out resolution but also help adjudicating authorities in pronouncing their judgement.
It is in this context that Justice Mukhopadhaya stressed that the role of resolution professionals as well as Committee of Creditors and other such stakeholders become critical and important and hoped that the resolution professionals will be making such diligence as would lead to seeking a resolution rather than liquidation.
The welcome remarks on the occasion were rendered by Senior Advocate Mr Virender Ganda, President, NCLT&AT while the vote of thanks were proposed by Advocate Mr Rakesh Kumar, Secretary, NCLT&AT Bar Association. Advocate Mr Lalit Bhasin of SILF and The Bar Association of India was also present on the occasion.
Koteshwar Prasad Dobhal