The National Company Law Tribunal (NCLT) has disposed of nearly 62,000 cases out of nearly 83,000 cases filed before it, Rajesh Verma, Secretary, Ministry of Corporate Affairs said.
Addressing a national level Colloquium on the subject ‘NCLT- The Road Ahead’ organised by the NCLT, Verma said NCLT is an institution of pride and it has led to faster resolution of corporate disputes under the Company Act and the Insolvency & Bankruptcy Code (IBC).
Verma emphasised that the IBC Code has seen a roller coaster ride with six amendments that have been made in the main legislation so far. He further stated that many provisions of IBC have come out unscathed when challenged (in the higher courts) and the Supreme Court of India had settled the jurisprudence on various aspects of this new law at an unprecedented pace and passion.
In his address as the chief guest, Justice (retd) Ramalingam Sudhakar said that India is envisioning a multi-trillion dollar economy. Industry and commerce, crucial in the nation’s economy, are governed by company Law besides other laws.
Justice Sudhakar stated that the Government has come out with [Insolvency and Bankruptcy Code (IBC)] code to resolve corporate issues to enable corporates of India to compete with the world.
NCLT is the guardian of the corporate law and each of the members has a role to play in the economic growth of the country, he said.