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Modi Government Intensifies Action Against NPA Mess, To Add More NCLT Benches In Coming Months
Mumbai bench of the NCLT.
According to officials at the Ministry of Corporate Affairs, new benches of the National Company Law Tribunal (NCLT) are expected to come up within the next few months. There is a pressing need for augmenting the strength of the NCLT as an estimated 9,000 cases are pending across the NCLT benches in the country. Out of these 9,000 pending cases, 5000 cases are pending in Mumbai and 2100 in New Delhi.
It is expected that the number of NCLT courts would also see an increase from the current 11 to 24 as the plan is to have an equal number of NCLT and High Courts in the country. The NCLT was set up by the Central Government under Section 408 of the Companies Act, 2013 and matters pertaining to both companies law and insolvency and bankruptcy code are heard by them.
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