New-age technologies such as ArtificialIntelligence (AI) could be used for early resolution of matters,including insolvency cases, National Company Law Tribunal PresidentJustice Ramalingam Sudhakar said.
While addressing a national-level colloquium of NCLT, JusticeSudhakar suggested that AI can be used in case of resolution, especiallyin the admission of cases, a statement issued by NCLT said."One aspect for early resolution is the development of Artificial
Intelligence technology,” he said.“We are focusing on leveragingartificial intelligence and standardisation of processes. This willhelp in reducing delays. We are also focussed on evolving a codeof best practices so that there is certainty in decision making,”said Justice Sudhakar.
According to Justice Sudhakar, India was envisioning a multi-trilliondollar economy.
"The bedrock in a nation's economy is industry and commerce, whichis governed by Company Law besides other laws,” he said.
NCLT President stated that the government has come out with a codeto resolve corporate issues to enable corporates of India to competewith the world."NCLT is the guardian of the corporate law and each of the Membershas a role to play in the economic growth of the country. Today'sColloquium will address effective and judicial process and resolution,”he said.
The national-level Colloquium on the topic, “NCLT- The Road Ahead”was also addressed by Ministry of Corporate Affairs Secretary Rajesh
Verma and Indian Bankruptcy Board of India (IBBI) Chairman Ravi Mital.While IBBI Chairman stated that there are two cornerstones of theInsolvency & Bankruptcy Code (IBC) viz timelines in process and thecontrol is given to creditors as against Debtors.
He stated that with more standardisation, the speed of resolutionof cases can be increased.
MCA Secretary Verma said NCLT has performed commendably, particularlyduring Covid-19. It has disposed of about 62,000 cases out of about83,000 cases filed before it, he added.