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The Centre is planning to open a third bench of the National Company Law Tribunal (NCLT) in Kolkata, an official said February 2.<\/p>\n
The move is part of the Centre’s aim of easing the mounting pressure on the National Company Law Tribunals in the country.<\/p>\n
At present, there are two active benches of NCLT.<\/p>\n
“We have been asked to scout for space for another bench,” NCLT Kolkata bench registrar SP Chattopadhyay said at an event at the Merchants’ Chamber of Commerce here.<\/p>\n
The new bench may be opened in 2019 itself if the government is able to find space in the existing location or any secondary location.<\/p>\n
The sanctioned strength for Kolkata is four benches.<\/p>\n
There are 12 benches now and one each in Cuttak and Kochi will come up soon, an official said.<\/p>\n
“The government is also contemplating 8-9 exclusive benches for the Insolvency and Bankruptcy Code (IBC) in the wake of growing number of cases of insolvency,” he said.<\/p>\n
The Kolkata bench had cleared 432 cases since June 2016. In respect of insolvency cases, resolution worth Rs 21,000 crore had been passed till January, he said.<\/p>\n
Resolution professional Mamata Binani said that in the first two years, IBC had evolved and a common belief that with the new law, liquidation of companies are on the rise.<\/p>\n
“It is found that 75 per cent of the companies liquidated were chronically sick and were since from BIFR or SICA era,” Binani said..
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