The Hebrew modern New Testament translation was translated during the beginning of the 70s and was published in 1977 for the first time. Since then it has undergone a few small changes and revision, but no major revision that reexamines the Greek original.
Today it is the most widely used translation of the NT, but this is partly because it is the only one existing in modern Hebrew. The other translations available are old ones from the 1870s.
However, as the Hebrew modern language evolves, there is a growing need to reexamine the translation from scratch, and change the translation. Back in the 70s, the spoken Hebrew was still a very young language, and thousands of new words have been added to the vocabulary during the decades.
A new revision would update the language to be at a readable level for the average Israeli.
It is also important to note here that other organizations see the need for the revision, and look at it as an opportunity to create a new modern translation. This has the potential to jeopardize the positioning and ministry of the Bible Society in Israel in the long run. We very much need to start this work as soon as possible.