New Delhi, Jan 25 (PTI) Union minister Nirmala Sitharaman on Monday said setting up of a bench of the National Company Law Appellate Tribunal (NCLAT) will provide a major relief to companies and litigants in the southern states, and also help in reducing pendency of cases.
The Chennai bench of the NCLAT was inaugurated by Sitharaman, who is in charge of finance as well as corporate affairs ministries, on Monday.
The bench will have jurisdiction to hear appeals against orders passed by the benches of the National Company Law Tribunal (NCLT) having jurisdiction of Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Lakshwadeep and Puducherry.
Two members of the NCLAT, New Delhi — Balvinder Singh, Member (Technical) and Justice Venugopal M — have taken charge of the newly constituted Chennai bench of the NCLAT, according to an official release.
“Five new Benches of NCLT have been announced at Jaipur, Cuttack, Kochi, Indore and Amaravati, bringing the total number of benches to 16 (including the Principal Bench). The NCLAT now functions at a strength of 5 courts, 4 at the principal bench in New Delhi and the 5th at NCLAT, Chennai,” the release said.
The bench of the NCLAT at New Delhi will henceforth be known as the principal bench of the NCLAT, which will hear appeals other than those in the jurisdiction of Chennai bench of the NCLAT.
Sitharaman stressed that the government is committed to ensuring continued efforts to ensure speedy and cost-effective delivery of justice and ensure ease of doing business in India.
According to her, the NCLAT bench in Chennai will give a major relief to companies and litigants in the southern states who faced great difficulty in travelling to Delhi for work pertaining to filing and arguing of appeals in the NCLAT.
This will reduce the pendency of cases, shorten the period of process and shall result in speedier disposal of the cases, she said, adding that advent of the Insolvency and Bankruptcy Code (IBC) has benefited the economy in several ways.
The minister said that along with the Supreme Court as the apex forum, the NCLAT and the NCLTs have done a commendable job in ironing out the issues and difficulties faced in implementing the new law.
While the COVID-19 Pandemic brought physical hearings to a halt, the NCLTs and the NCLAT continued to function on video mode. At the NCLAT, even during the period of lockdown, nearly 69 per cent of cases were adjudicated during this time between March 2020 and December 2020; 985 cases were filed and 681 cases were heard and disposed of, as per the release.
“Before the NCLAT, out of approximate 5,600 cases filed as of December 2020, approximately 3,800 cases pertaining to IBC matters have been handled. Also, out of the total matters filed before the NCLAT, 4,200 matters have been disposed of, indicating a disposal rate of 75 per cent,” the release said. PTI RAM BAL
Disclaimer :- This story has not been edited by Bollyinsidestaff and is auto-generated from news agency feeds. Source: PTI
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