This move will reduce the burden on the NCLT to hear cases and pass an admission order and hence the tribunals can focus on the core issues of insolvency cases
Mumbai: The government is mulling introduction of a procedure of deemed admission of companies under the Insolvency and Bankruptcy Code (IBC). In certain cases where financial creditors have approached the National Company Law Tribunal (NCLT), their petition could be admitted and the resolution professional (RP) could be appointed for quicker resolution, said Injeti Srinivas, Corporate Affairs Secretary, on the sidelines of an event on bankruptcy.
If the proposal is implemented then after the deemed admission of companies for resolution, there would not be any immediate load on the…
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