Background and need

From the Justice Eradi Committee report of 1999 to the Department of Financial Services’ indicator of October 2015, the pendency of winding-up cases in India has been piling up to reach an alarmingly high level of backlog [see end note 1]. The World Bank has ranked India on the 130^th position among 189 economies as it takes more than four years on an average to resolve insolvency in India [see end note 2].