Thursday 4 June 2020
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business-standard - 12 days ago

Govt looks at dedicated NCLT benches for insolvency, Companies Act-related matters

In view of a huge backlog of cases at the NCLT, the government will start identifying benches to specifically deal with insolvency and Companies Act-related matters, an official in the corporate affairs ministry said on Saturday. In this regard, the ministry will start with the NCLT benches of Delhi and Mumbai, where more than half of the country s incorporated firms are registered, K V R Murty, joint secretary in the Ministry of Corporate Affairs, said while addressing an ASSOCHAM webinar on Regulators Web-Confluence on Corporate Restructuring, M As and Joint Venture . What is leading to the lag in timelines in India is the extraordinary burden that the NCLT is faced with the IBC cases, because of which there have been reports that Companies Act matters are taking longer, he said. Murty further said that the government is increasing the bench strengths of the tribunals for faster disposal of matters. Among other measures, he said we are also looking at options where we ...

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