New age technology like as Artificial Intelligence (AI) could be employed for early resolution of situations, including insolvency proceedings According to National Company Law Tribunal President Justice Ramalingam Sudhakar, According to a statement released by NCLT, Justice Sudhakar noted that AI can be employed in case of resolution, particularly in the admission of cases, while speaking at a national-level colloquium of the NCLT.
“One aspect for early resolution is the development of Artificial Intelligence technology, he said.We are focusing on leveraging artificial intelligence and standardisation of processes. This will help in reducing delays. We are also focussed on evolving a code of best practices so that there is certainty in decision making, said Justice Sudhakar. According to Justice Sudhakar, India was envisioning a multi-trillion dollar economy.
“The bedrock in a nation’s economy is industry and commerce, which is governed by Company Law besides other laws, he said. NCLT President stated that the government has come out with a code to resolve corporate issues to enable corporates of India to compete with the world.
“NCLT is the guardian of the corporate law and each of the Members has a role to play in the economic growth of the country. Today’s Colloquium will address effective and judicial process and resolution, he said. The national-level Colloquium on the topic, NCLT- The Road Ahead was also addressed by Ministry of Corporate Affairs Secretary Rajesh Verma and Indian Bankruptcy Board of India (IBBI) Chairman Ravi Mital.
While the IBBI Chairman stated that the Insolvency and Bankruptcy Code (IBC) has two cornerstones: timeframes in the process and creditor control over debtors. He believes that through increasing standardisation, the speed with which problems are resolved can be boosted.
NCLT, according to MCA Secretary Verma, has performed admirably, particularly during Covid-19. He noted that out of around 83,000 instances submitted before it, it has disposed of about 62,000 of them. However, he emphasised that using technology and filling up roles are two important aspects in speeding up the process. The introduction of a cross-border insolvency framework in the IBC, according to Verma, is being examined to improve the effectiveness of the IBC.
The Judicial and Technical Members of all 15 NCLT benches from around the country attended the Colloquium. NCLT is a quasi-judicial authority established under Section 408 of the Companies Act of 2013. Currently, there are 15 benches across India, each with 48 members, hearing cases under the Companies Act and the Insolvency and Bankruptcy Code 2016.
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