Most IBC complaints pertain to NCLT, NCLAT functioning: Bibek Debroy

The Prime Minister’s Economic Advisory Council chief hints tribunals letting down IBC; nudges 5-year old IBBI to 'grow up'

Chairman of the Prime Minister’s Economic Advisory Council Bibek Debroy on Friday said complaints about the efficacy of Insolvency and Bankruptcy Code (IBC) processes largely pertain to the functioning of the National Corporate Law Tribunal (NCLT) and the Appellate Tribunal NCLAT.

Arguing that the IBC and Insolvency and Bankruptcy Board of India (IBBI) are unique compared to similar mechanisms in other countries, Mr Debroy said: “Here is a regulator that doesn’t enforce its rules. We have NCLT and NCLAT – most of the time, (when) people complain about the process, it is about them.