The Supreme Court has taken notice of the prolonged delays in approving resolution plans by National Company Law Tribunal benches, terming the situation 'grim'. A bench of Justices J B Pardiwala and K V Viswanathan flagged the shortage of manpower and infrastructure in NCLT benches across the country.
The bench directed the matter to be placed before Chief Justice of India Surya Kant for assignment to an appropriate bench. According to a report, 383 applications were awaiting approval of resolution plans, with delays ranging from over a month to over 700 days.
The top court passed the order while hearing two pleas against a 2023 order passed by the National Company Law Appellate Tribunal.
