New Delhi, Mar 8 (UNI) Keeping in view the increasing case load, especially under the Insolvency and Bankruptcy Code 2016, the government has approved establishment of two new benches of National Company Law Tribunal (NCLT), one at Amaravati in Andhra Pradesh and the other at Indore in Madhya Pradesh.
The jurisdiction of the Bench at Amaravati will be the state of Andhra Pradesh and that of Indore will be the state of Madhya Pradesh. At present, Andhra Pradesh comes under the Jurisdiction of NCLT Bench at Hyderabad and Madhya Pradesh comes under the jurisdiction of NCLT Bench, Ahmedabad. It is expected that creation of new benches will enable faster disposal of cases, a statement said on Friday.
The NCLT, which has been set up under the Companies Act, 2013, has provided an effective and time bound adjudication mechanism to deal with matters related to the Companies Act, 2013, the Insolvency and Bankruptcy Code (IBC), 2016 and the LLP Act, 2008.
The Act provides for appointment of a President and such number of Members as the Government may deem necessary. As on date there are 17 Judicial Members and 10 Technical Members. Presently, 14 numbers of NCLT Benches have been established, including the Principal Bench in New Delhi, and three recently set up benches at Jaipur, Kochi and Cuttack.
Image: Wikimedia Commons
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.