Government Appoints 21 Members to NCLT: ‘One of the Biggest Batch of Appointments’
The Central Government has appointed 21 members for the National Company Law Tribunal benches to deal with insolvency and company
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Government Appoints 21 Members to NCLT: ‘One of the Biggest Batch of Appointments’ The Central Government has appointed 21 members for the National Company Law Tribunal (NCLT) benches to deal with insolvency and company law related matters. The following appointment has marked one of the biggest batch of appointments to the NCLT. It is expected that at least one of the...
Government Appoints 21 Members to NCLT: ‘One of the Biggest Batch of Appointments’
The Central Government has appointed 21 members for the National Company Law Tribunal (NCLT) benches to deal with insolvency and company law related matters. The following appointment has marked one of the biggest batch of appointments to the NCLT.
It is expected that at least one of the candidates selected is unlikely to join however, the appointments are meant to ensure that the number of members across benches will be near 60, against the sanctioned strength of 63.
However, the government has expressed its intention to keep the vacancies to remain as low as possible. The Ministry of Corporate Affairs has been meticulously coordinating with the NCLT and the Insolvency and Bankruptcy Board of India (IBBI) to smoothen the implementation of the Insolvency and Bankruptcy Code, 2016 (IBC).
As per sources, Ministry is planning to begin the process of appointing another set of members by August or September. A shortage of members in the Tribunal has been a major factor for delay in decisions under the IBC, which prescribes that insolvency cases should be decided maximum within 270 days.