News & Media 5th May 2022

Rs two lakh crore ‘avoidance transaction’ claims pending with NCLTs

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Economic Laws Practice (ELP)‘s Babu Sivaprakasam has been quoted in today’s The Economic Times in an article which discusses the issue of a high number of avoidance transaction claims pending before various NCLTs and moreover, what could be the potential way forward.

According to Babu, “In some transactions, the counter party itself being under resolution or liquidation or defunct, adds to the plight. Entrusting this to a dedicated bench to conduct these matters on a summary trial basis within an identified timeframe along with the distribution of the amount to be recovered to the creditors post adjustment of incurred costs may incentivise the stakeholders”.

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