Mumbai: Finance minister Arun Jaitley on Saturday said that the government will look at strengthening the Insolvency and Bankruptcy Code (IBC), including the prescribed timelines after examining the various judgments given by the National Company Law Tribunal, its appellate tribunal and the Supreme Court. Jaitley was speaking at the national conference on insolvency and bankruptcy organised by Confederation of Indian Industries (CCI) in Mumbai on Saturday. Under the IBC, once a case is referred to NCLT, the tribunal gets 14 days for accepting or rejecting the case. Once the case is accepted, a resolution plan has to be implemented in 180 days, extendable by 90 days. So far, various benches of NCLTs have admitted 11 of these cases with Era Infra Engineering Ltd being the only exception.

Source: Mint August 19, 2017 08:48 UTC