Chatterjee, while addressing a CII interactive session, said IBC in India is almost like an auction. "At some level, there has to be some absolutism between NCLT and NCLAT," he added.
However, since the creditors and the debtors already arrive at a concensus on initiating the pre-pack resolution, chances of frivolous litigations under the proposed framework are minimised, analysts say.Insolvency and Bankruptcy Code (IBC) can help the GDP to grow and pre-pack has to come into the structure of IBC for faster resolution, slowed down at present, Koushik Chatterjee, executive director and chief financial officer of Tata Steel, said.
He said the government requires to define the contours of pre-pack to not let IBC lose its steam.
Chatterjee, while addressing a CII interactive session, said IBC in India is almost like an auction. “At some level, there has to be some absolutism between NCLT and NCLAT,” he added.
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