Centre pushes for faster admission of corporate insolvency cases at NCLT

MCA finalising draft guidelines to reduce delays at tribunal

Benches of the National Company Law Tribunal (NCLT) should not get into questioning a company’s default once it is established by the creditors, particularly financial creditors, for admission to the corporate insolvency process. This is one of the key themes of the draft guidelines for the NCLT, which are being finalised by the Ministry of Corporate Affairs (MCA), a senior official said.
 

According to the official, while the company law matters could involve the “principle of natural justice” and justify extended

proceedings to hear all parties concerned, the same does not apply to the Insolvency and Bankruptcy Code (IBC) proceedings.
 

“If