The Government has approved 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 case load, 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 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 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.
Penalty u/s 271B is not attracted in a case where books of account have not been maintained In a recent…
NALCO invites RFP for empanelment of Chartered Accountant Firms for verification of Stores/Spares and movable assets. NALCO has invited Request…
Sending or bringing currency of Nepal and Bhutan - RBI revises exiting regulations RBI has notified the Foreign Exchange Management…
Entire manufacturing process though by distinct units relevant for exemption from excise duty on account of manufacture without aid of…
High Court condoned delay in filing Form 10B as the failure was in the 1st Year of operation of the…
Penalty u/s 270A quashed as there was no satisfaction in the penalty order on what exactly was under reporting of…