Abstract

In India, the resolution of bankrupt firms is mostly dependent on the National Company Law Tribunal (NCLT). Under the 2016 Insolvency and Bankruptcy Act (IBC), it was constituted as a quasi-judicial body. The main goal of the NCLT is to handle insolvency matters involving businesses quickly and effectively, limited liability partnerships (LLPs), and other entities. The NCLT also has the authority to designate insolvency specialists, sanction resolution schemes, and resolve disagreements pertaining to bankruptcy procedures. Due to the NCLT's single-window approach to insolvency case resolution, the insolvency resolution procedure in India has been greatly improved. It has accelerated the value of the assets of the insolvent companies and streamlined the insolvency resolution procedure, cutting down on the amount of time needed for resolution. By establishing a transparent and effective procedure for the resolution of insolvency cases, the NCLT has also assisted in increasing the ease of doing business in India. In order to resolve bankrupt firms in India, the NCLT has become a vital institution. Investors' confidence in the Indian market has increased thanks to it, as has the country's business environment thanks to its prompt case resolutions and effective operation. The researcher had considered Company Law Experts To know different role of NCLT in resolution of insolvent businesses. and found that NCLT handle insolvency matters involving businesses quickly and effectively, limited liability partnerships (LLPs), and other entities, NCLT cuts down on the amount of time needed for resolution and designate an interim resolution professional (IRP) to oversee the business during the resolution procedure.

Description