NCLAT to get three new members
2 min read . Updated: 24 Dec 2022, 05:33 PM IST
Premium- The move to add more members to the NCLAT comes in the context of the government’s efforts to remove the bottlenecks in resolution of cases
New Delhi: The National Company Law Appellate Tribunal (NCLAT), which adjudicates on appeals against tribunal orders, is set to get three new members.
The government has initiated the recruitment process to hire one judicial member and two technical members for NCLAT, as per an official order. The appellate tribunal adjudicates on appeals against decisions of the National Company Law Tribunal (NCLT) in cases relating to Companies Act, Competition Act, Insolvency and Bankruptcy Code and accounting and auditing.
The move to add more members to the NCLAT comes in the context of the government’s efforts to remove the bottlenecks in resolution of cases, especially those relating to bankruptcy. Simultaneously, the process of adding more members to NCLT is also on.
The ministry of corporate affairs said the appointments would be made either at the Principal Bench of the Appellate Tribunal in Delhi or in Chennai or at any of the benches to be set up in future.
Candidates for the judicial member post have to have substantial experience in litigation in matters relating to company affairs before NCLT, NCLAT, High Courts or the Supreme Court. Candidates for the post of technical member should have special knowledge in industrial finance, industrial management or administration, industrial reconstruction, investment, accountancy or any other matter useful to NCLAT. The appointment is for four years or until the member turns 67 years of age, whichever is earlier.
The ministry of corporate affairs is currently in the process of rolling out an in-house e-adjudication system after several offences were de-criminalised in the recent past in order to improve the ease of doing business. This is expected to help companies to electronically resolve compliance breaches by approaching the Registrars of Companies and Regional Directors through the e-adjudication module in the MCA portal without having to go to tribunals. (ends)
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less