homefinance NewsIBC amendments will make NCLT resolution process faster, says Mrutyunjay Mahapatra of Syndicate Bank
IBC amendments will make NCLT resolution process faster, says Mrutyunjay Mahapatra of Syndicate Bank
Insolvency and Bankruptcy Code (amendment) Bill 2019 was passed by the Lok Sabha on August 1 . CNBC-TV18 spoke to Mrutyunjay Mahapatra managing director and CEO of Syndicate Bank and MR Umarji former chief legal advisor of Indian Banks' Association (IBA) to understand the impact of the amendments.
Insolvency and Bankruptcy Code (amendment) Bill 2019 was passed by the Lok Sabha on August 1 . CNBC-TV18 spoke to Mrutyunjay Mahapatra managing director and CEO of Syndicate Bank and MR Umarji former chief legal advisor of Indian Banks' Association (IBA) to understand the impact of the amendments.
Mahapatra said: "It is a shot in the arm for bankers. Essar Steel and other cases were awaiting further interpretation after the NCLAT
Mahapatra added: "Three hundred and thirty days today does not include the period that goes between filing of the NCLT
Umarji said, "It is a good step. There were objections being raised by operational creditors which will now not be entertained because of this amendment. Time limits have been laid down for passing a resolution plan within the stipulated time otherwise liquidation order will be passed, so this also will help in expediting the entire process."
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