The Parliamentary Standing Committee on Finance calls for a review of the Insolvency and Bankruptcy Code (IBC) to address implementation challenges, emphasizing the need to uphold its intended purpose. Highlighting low actual recoveries and significant delays in resolution processes, the committee recommends enhancing the strength of the National Company Law Tribunal (NCLT) to address case backlog. Additionally, it expresses concerns about the effectiveness of resolution professionals (RPs) in managing complex cases, urging a reevaluation of RP regulations.
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