”We continue to work together to make this insolvency framework more effective and efficient. It will surely be one of the important chapters in the success story of India becoming a $ 5 trillion economy,” ministry of corporate affairs secretary Rajesh Verma said while addressing a CII conference.
Elaborating on the efforts to make the insolvency law framework more effective and efficient, the corporate affairs secretary said the infrastructure of NCLT (National Company Law Tribunal) and NCLAT (National Company Law Appellate Tribunal) was being strengthened to address the delays in disposal of cases by filling up the vacant positions.
”Concerns of the market with respect to implementation of resolution plans due to claims by various government entities are also being addressed… advocacy efforts are being taken up to sensitise state government entities also,” he said.
Verma said the corporate affairs ministry was working with the finance ministry, Reserve Bank of India and the Indian Banks’ Association (IBA) on the issue of the conduct of the committee of creditors (CoC) under the insolvency resolution process.
”We are working with IBA, RBI and Department of Financial Services on the very important issue of the conduct of CoC,” he said, without elaborating.
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