The National Company Law Tribunal (NCLT) is not merely adjudicating corporate disputes – it is performing a duty to the nation, Justice Anupinder Singh Grewal, President of the NCLT, told delegates at the “IBC Pulse 2.0” Conference organised by the PHD Chamber of Commerce and Industry (PHDCCI) in Chandigarh.

More than 200 delegates from the judiciary, legal profession, insolvency practice and industry gathered to take stock of India’s evolving insolvency framework under the Insolvency and Bankruptcy Code (IBC), 2016, and to press for reforms that would make the system faster and more predictable.

Addressing the gathering as Chief Guest, Justice Grewal framed the Tribunal’s mandate in explicitly nation-building terms, describing the IBC as one of the pillars that has made India’s insolvency resolution system more structured, transparent and accountable. An efficient insolvency mechanism, he said, is not a technical convenience but a strategic necessity; it strengthens investor confidence, ensures better utilisation of the country’s economic resources, and supports the revival of viable businesses that would otherwise be lost to the economy.

He also spoke of the professionalism and discipline demanded of everyone in the insolvency ecosystem, and recalled how the Tribunal adapted to unprecedented operational constraints during the COVID-19 period without slowing the disposal of corporate and insolvency matters. Strengthening the NCLT further, he said, will require sustained investment in infrastructure, judicial capacity, technology and institutional resources and he invited stakeholders to bring forward constructive suggestions to improve the ecosystem.

Justice M.M. Kumar, Founder President of the NCLT and former Chief Justice of the Jammu and Kashmir High Court, traced the Tribunal’s evolution and made the case that institutions of this scale must keep pace with the demands of a growing economy.

Harnam Singh Thakur, former NCLT Judicial Member, called for more NCLT benches and members and better basic infrastructure to cut pendency and speed up resolution, describing the IBC as one of India’s landmark economic reforms that must keep evolving without compromising its statutory timelines.

G.P. Madaan, Chair of the NCLT and IBC Committee at PHDCCI, said a stronger, better-resourced NCLT is essential to timely resolution, business confidence and the wider economic ecosystem, given the Tribunal’s rising caseload. Dr. P.S.N. Prasad, former Judicial Member, NCLT, added that the institution now needs substantial structural and capacity-building measures to handle its expanding workload.

Dr. Jatinder Singh, Deputy Secretary General, PHDCCI, set out the conference’s focus on policy dialogue, judicial developments, institutional strengthening and the practical challenges of implementing the IBC, while Shekhar Raj Sharma, Additional Advocate General, Haryana, spoke to the changing dynamics of the Indian economy and their impact on growth.

The conference’s sessions brought together distinguished speakers – Shri Kuldip Kumar Kareer, Praveen Gupta, Vivek Atri, Ishaan Madaan, Atul Sood, Anil Katia, Navnit Gupta and insolvency professional K.V. Jain, who examined procedural bottlenecks, institutional reforms and NCLT capacity, and debated what it will take to make insolvency resolution more predictable, efficient and time-bound.

The sessions were moderated by the Co-Chairs of the NLCT & IBC Committee – Ms Ranjana Roy Gawai, Mr Harish Taneja, Mr. Rachit Mittal and Mr. Abhishek Anand. Mr. Jalesh Grover, the Conference convener proposed the vote of thanks.

With more than 200 delegates in attendance, IBC Pulse 2.0 underscored the growing weight of the Insolvency and Bankruptcy Code in India’s corporate and economic framework and the consensus across the judiciary, government and industry that a stronger, better-resourced NCLT is central to that agenda.

The judgment is being hailed as a significant victory for thousands of former Jet Airways employees and their families, reaffirming that employee welfare and statutory benefits must take precedence during insolvency proceedings. The decision is expected to provide long-awaited financial relief to nearly 20,000 affected families while reinforcing the legal protection available to employees under India’s insolvency framework.

The verdict has also sparked wider discussions within the aviation industry on the importance of placing employees at the centre of corporate governance. Industry observers say the ruling sends a strong message that while financial assets can be recovered, the trust, dignity, and commitment of employees are equally valuable for building a resilient and sustainable aviation sector.

#JetAirways #NCLAT #EmployeeRights #AviationIndia #HR #Leadership #DrishtiSrishti #GurmukhSinghBawa

Delivering the convocation address, Justice Ashok Bhushan, Chairperson of the National Company Law Appellate Tribunal (NCLAT), said the Insolvency and Bankruptcy Code has evolved significantly over the past decade, with major legal and operational issues now settled through landmark judicial pronouncements. He described the period from 2016 to 2021 as the “era of establishment” and the current phase as the “era of refinement,” noting that the Insolvency and Bankruptcy Code Amendment Act, 2026, reflects the legislation’s continued evolution. Justice Anupinder Singh Grewal, President of the National Company Law Tribunal (NCLT), in his keynote address, emphasized the need for stronger judicial and institutional coordination to ensure timely insolvency resolutions and advocated the adoption of the UNCITRAL Model Law on Cross-Border Insolvency to enhance India’s attractiveness as a global restructuring destination.

Addressing the conference, Ministry of Corporate Affairs Secretary Deepti Gaur Mukerjee described the Insolvency and Bankruptcy Code as a transformative reform that has reshaped India’s financial and corporate ecosystem. She highlighted that nearly ₹4 lakh crore has been recovered through resolution processes, with creditors realizing around 170 percent of liquidation value, while more than 32,000 cases were settled before formal admission, preserving credit worth nearly ₹14 lakh crore. Referring to the recently enacted Insolvency and Bankruptcy Code Amendment Act, 2026, she said the reform would further strengthen the insolvency framework and support the national vision of building a developed India under Viksit Bharat.

The programme aims to sensitise officer trainees to critical areas such as corporate finance, competition regulation and insolvency law, while aligning the curriculum with their professional roles and responsibilities. Participants will gain insights into the management of company affairs, powers and investigative functions of the Competition Commission of India, regulatory governance, anti-competitive practices, debt and default, data-driven decision-making, drafting and legislative intent, and the Corporate Insolvency Resolution Process. The training also covers the roles of the National Company Law Tribunal and the National Company Law Appellate Tribunal, providing practical exposure to contemporary corporate and insolvency frameworks.