Andhra and Madhya Pradesh Gets Exclusive NCLT Bench
The Government has approved the 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. This step has been taken keeping in view the increasing caseload, especially under the Insolvency & Bankruptcy Code 2016.
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 the creation of new benches will enable faster disposal of cases.
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 the 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.