The Supreme Court of India has taken suo motu cognizance of alarming delays in the National Company Law Tribunal (NCLT) in clearing corporate insolvency resolution plans, stating the situation is 'extremely grim and dismal.' Currently, 383 applications are pending, with delays ranging from 48 days to as much as 738 days, some cases lingering for nearly four years. The Court highlighted that these delays contradict the objectives of the Insolvency and Bankruptcy Code (IBC), which aims for swift resolution of distressed assets. Factors contributing to the backlog include inadequate infrastructure, frequent changes in Bench composition leading to half-day sittings, and a rise in objections from stakeholders. The Court also pointed out the tribunal's severe shortage of members, noting that out of a sanctioned strength of 63, only 28 judicial members and 26 technical members are currently available. Concerns regarding administrative appointments and delays in salary payments for tribunal staff were also raised. Senior advocates have been appointed to compile relevant data to assist the Court in addressing these issues.