The government on Monday said it is taking all the necessary steps to augment capacity of the National Company Law Tribunal (NCLT) which adjudicates issues relating to Indian companies.
In a written reply in the Lok Sabha, Minister of State in Ministry of Corporate Affairs Rao Inderjit Singh said that the benches of NCLT and National Company Law Appellate Tribunal (NCLAT) are being set up in a phased manner depending on the quantum of workload and other factors.
"Apart from increase in number of benches, government is taking all necessary steps to augment capacity of NCLT, including multiple courts at heavily loaded benches, appointment of members from time to time to fill up the vacancies, implementation of e-court project, provision of requisite infrastructure, regular colloquiums for members, etc.," he said.
So far, one Principal Bench and 15 other benches of NCLT and one Principal Bench and one other bench of NCLAT have been established.
The government said that as of now, there is no proposal under consideration for setting up any new Bench of NCLT and NCLAT.
With respect to pending cases, the minister said that 21,089 cases are pending with NCLT benches as of March 31, 2022, including 13,188 cases under Insolvency and Bankruptcy Code (IBC), 1,107 cases of merger and amalgamation (M&A), and 6,794 other cases.
To a question on the number of companies put under resolution process, the minister said 4,656 cases have been put under resolution process as of January 31, 2022. Besides, 470 resolution plans have been approved amounting to Rs 2,95,744.84 crore (Rs 2.95 lakh crore.)
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