Technology, more man power can speed up bankruptcy resolution: official

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NEW DELHI :

Using technology and having more manpower could help in speeding up rescuing companies undergoing bankruptcy proceedings, according to Rajesh Verma, secretary in the ministry of corporate affairs.

The ministry is currently in the process of finalising amendments to the Insolvency and Bankruptcy Code (IBC) to make it more efficient.

Speaking at an event organised by the National Company Law Tribunal (NCLT), Verma suggested that to enhance the effectiveness of IBC, introduction of a cross border insolvency framework in the IBC is being considered. “Leveraging technology and filling up posts are two key factors in increasing the speed,” an official statement from the ministry said quoting Verma.

The government is currently in the process of filling up vacancies in NCLT to reduce the backlog of cases.

Chief Justice (Retd.) Ramalingam Sudhakar, who…

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