Union Budget 2024: Lawyers Urge Government to Increase NCLT Benches for Enhanced IBC Effectiveness
Union Budget 2024: Lawyers Advocate for Increased NCLT Benches to Strengthen IBC Calls for Amendments to the Insolvency and Bankruptcy Code (IBC), 2016 As the Union Budget 2024 approaches, legal experts are calling on the government to amend the Insolvency and Bankruptcy Code (IBC), 2016. Lawyers are urging the government to increase the number of benches at the National Company Law Tribunal (NCLT) to improve the effectiveness of the IBC and reduce case pendency. The Need for More NCLT Benches Lawyers believe that increasing the number of NCLT benches will significantly reduce the backlog of cases, thereby strengthening India’s insolvency framework. Sanjeev Kumar, Partner at Luthra and Luthra Law Offices India, suggested that more courtrooms could be designated to handle specific stages of the Corporate Insolvency Resolution Process (CIRP). This includes allowing petitions for administrative work to be listed before Registrar courts. Anticipated Amendments in the Union Budget 2024 The ...