The Ministry of Corporate Affairs on Friday notified the appointment of five judicial and five technical members to various NCLT benches.
The Corporate Affairs Ministry on Friday notified the appointment of five judicial and five technical members to various NCLT benches.
The Judicial appointments were T. Krishna Valli (NCLT Bengaluru Bench), Kuldeep Kumar Kareer (NCLT Mumbai Bench), Ashok Kumar Bhardwaj (NCLT Delhi Bench), Praveen Gupta (NCLT Allahabad Bench) and Bidisha Banerjee (NCLT Kolkata Bench).
The Technical Members comprised Prabhat Kumar and Anu Jagmohan Singh (NCLT Mumbai Bench), Charan Singh (NCLT Hyderabad Bench), Ashish Verma (NCLT Allahabad) Bench and Atul Chaturvedi (NCLT Delhi Bench).
The recent postings of judicial and technical members to various benches of the National Company Law Tribunal (NCLT) are likely to speed up insolvency resolution. These appointments will expedite the admission and disposal of cases, fast-tracking the resolution process, experts said.
The National Company Law Tribunal (NCLT) at present has 16 benches across the country. In some, members will be retiring, so the recent appointments will be insufficient. For optimum level in NCLT, all vacancies need to be filled so that the burden on existing benches gets reduced and future appointments and re-appointments, if any, should be done or planned swiftly by the ministry of corporate affairs so that the disposal is not delayed.
The Supreme, in the month of August 2020, questioned the Centre about the delays in filling up vacancies. The data available on the NCLT website showed that there are 31,203 cases that are on record under Sections 7, 9 and 10 of the Insolvency and Bankruptcy Code, 2016. As of 31 August, 7,175 cases were pending at a pre-admission stage while there are 3,369 cases pending post-admission of the cases, data showed. The number of cases adjudicated by the NCLTs stands at 25,812 while 22,443 cases have been disposed of by the NCLTs.