IBC objective to find solution for stressed assets: NCLT

Last Updated: Thu, Jan 04, 2018 10:05 hrs
The Hanjin Shipping Co dock is seen at the Port of Long Beach

New Delhi: National Company Law Tribunal (NCLT) President Justice M.M. Kumar has said that the objective of the Insolvency and Bankruptcy Code 2016 is to find appropriate solutions for stressed assets rather than laying stress on their liquidation.

According to Justice Kumar, the sole objective of IBC 2016 is to find solutions for stressed assets and that liquidation perforce would be the last way out which the tribunal would avoid optimally.

He further said that changing the code is not the mandate of the NCLT as its job is to enforce the Code.

"Bringing about changes in the Code is entirely something which stays in the domain of Parliament," Justice Kumar said while addressing a discussion here on IBC 2016 under the aegis of the PHD Chamber of Commerce and Industry.

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