NCLT DOING ITS BEST, ONLY 10% CASES GOING OUT FOR APPEAL, SAYS ITS PRESIDENT

No.PR-57 July 24, 2018 New Delhi NCLT DOING ITS BEST, ONLY 10% CASES GOING OUT FOR APPEAL, SAYS ITS PRESIDENT President, National Company Law Tribunal, Justice M M Kumar on Tuesday explained that NCLT has been doing its best to decide the cases for restructuring of stressed assets to the best satisfaction of all stakeholders and added that only 10 per cent of cases are going out for appeals. Speaking at a Seminar on “Restructuring of Stressed Assets –Current Scenario” under aegis of PHD Chamber of Commerce and Industry here today, Justice Kumar advised the Committee of Creditors (CoC) and Resolution Professionals (RPs) to examine the cases for restructuring of stressed assets, in the most competent and professional manner so that decision making and justice dispensation is hardly delayed. Therefore, the two stakeholders have critical role to play which can happen with through detailing since the IBC is a new code and it does take time to detail out exercise to restructuring the stressed assets, pointed out Justice Kumar. According to him, the NCLT has been undertaking the exercise for restructuring of stressed assets with dispensation of justice within the best of its ability and capacity and so far experience has shown that the most cases have been disposed off with adequate time spending and that only 10 per cent cases that came to it are going out for appeal. President, PHD Chamber, Mr. Anil Khaitan in his opening remarks urged the NCLT that there should be quicker disposition for restructuring of stressed assets as financial institutions and banks have almost stopped extending credit to corporates as a result manufacturing is suffering and its share to national GDP will further decline instead of going up. Chairman, Corporate Affairs Committee, PHD Chamber, Mr. Vipul Maheshwari said that the government and the banks are trying its best to resolve the problem of stressed assets efficiently, but considerable amount of changes need to be made to the new framework in order to make this process smooth and hindrance free without any loopholes. Ends. Koteshwar Prasad Dobhal Consultant (PR)