Inaugurating the renovated court premises of the National Company Law Appellate Tribunal (NCLAT) bench in Chennai, Sitharaman also said that vested interests are not allowed to game the debt resolution system in the country.
Sitharaman said the process of Resolution Professional (RP) and Corporate Insolvency Resolution Process (CIRP) getting vitiated and other points come into discussions whenever bilateral investment treaty negotiations happen with countries with whom India wants to ink an agreement.
The Finance Minister also said that investors gain greater confidence when the glitches are removed.
Negotiations now concede that India has a better robust system and is giving confidence to investors who are coming to the country, she remarked.
According to Sitharaman, corrective action has been taken in consultation with the judiciary when some ‘interest’ operates in decision making at the level of the RPs.
Sitharaman said there should be lots of exchange of views and suggestions from both the technical and judicial members so that the success of the Insolvency and Bankruptcy Code (IBC) is there and India becomes a lot more successful in the commercial activities, and investors don’t have any hesitation.
On the filling up of vacancies, Sitharaman said there is some resentment about the benches not being filled fast – both judicial and technical members.
The government has taken the point very seriously and of late a lot of appointments have been made with full speed, Sitharaman said.
