Mint Explainer: How mediation can speed up insolvency dispute resolution | Mint – Mint

An expert committee appointed by the Insolvency and Bankruptcy Board of India (IBBI) has recommended the introduction of a voluntary mediation framework as a dispute resolution mechanism under the Insolvency and Bankruptcy Code (IBC) for faster out-of-court settlement of disputes between lenders and defaulting borrowers. The committee observed that mediation could provide a cost-effective way to resolve disputes that were acceptable to the parties involved without compromising on the statutory timelines. It could also ease the burden on the National Company Law Tribunal (NCLT), allowing it to focus on the rescue of distressed businesses.