Report acknowledged that IBC has made significant strides in improving resolution of distressed corporate assets, enhancing credit discipline, and revival of unproductive assets  in India.

• However, Committee observed persistent challenges that hinder its full effectiveness.

Issues highlighted by committee on IBC:

• Competence and conduct issues against Resolution Professionals (RPs).
• Lack of clarity on government creditors' claims and issues around stakeholder representation.
• Delays at the admission and adjudication stage at the National Company Law Tribunal (NCLT).
  • Nearly 64% of Corporate Insolvency Resolution Processes (CIRPs) exceeded statutory 330-day limit

Key recommendations of committee

• Establishing fast track tribunals with strict timelines for high priority cases, adopting an urgent list system to prioritize time-sensitive matters.
• Introduction of provisions similar to Article 226(3) of Constitution, to mandate the processing of applications within 14 days.
• PPP models to improve judicial processes, drawing on success of privatized Seva Kendras.
• Ensuring NCLT members possess specialized knowledge, as specified by  Supreme Court in the Finolex Industries case.   
• Providing clearer guidelines on treatment of government dues, especially taxes and penalties, etc.