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Challenges and Reforms in India's IBC UPSC NOTE

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  Challenges with the IBC's Implementation The Insolvency and Bankruptcy Code (IBC) was introduced to resolve insolvencies efficiently b...

 Challenges with the IBC's Implementation

  • The Insolvency and Bankruptcy Code (IBC) was introduced to resolve insolvencies efficiently but has faced challenges over time.

  • Institutional capacity and procedural efficiency, especially with the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT), are significant concerns.

  • The recent Jet Airways case revealed structural weaknesses in the insolvency system.

Institutional and Procedural Issues

  • NCLT faces a "temporal disjunction" as its structure, established in 1999, struggles to meet current demands.

  • With a limited number of members and inconsistent operation of benches, delays have increased, making insolvency resolutions take longer (716 days in FY2023-24).

  • NCLT members often lack the necessary domain expertise to handle complex insolvency cases, affecting decision-making.

Need for Structural and Procedural Reforms

  • Bureaucratic inefficiencies, like poor management of urgent listings, and ignoring court orders have undermined institutional integrity.

  • The current framework’s procedural rigidity, including mandatory hearings for progress reports, causes delays.

  • There is insufficient use of alternative dispute resolution methods to reduce strain on the system.

Future Directions and Recommendations

  • Reform proposals like mandatory mediation before insolvency applications bring hope for improvements.

  • A hybrid model combining judicial experience and domain expertise is needed for more effective case resolution.

  • Specialized benches and better infrastructure, such as qualified support staff and courtrooms, can enhance system efficiency and sustainability.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Challenges and Reforms in India's IBC UPSC NOTE
Challenges and Reforms in India's IBC UPSC NOTE
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Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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