NCLT to set up three more benches in Bhubaneswar, Jaipur and Kochi

KOLKATA: Indian government is learnt to have decided to set up three more benches of the National Company Law Tribunal with the number of companies getting referred to the bankruptcy court rising by the day.

The new benches will be in Bhubaneswar, Jaipur and Kochi, two persons familiar with development said.

NCLT and its the National Company Law Appellate Tribunal were formed in 2016 under Companies Act, 2013 to work as a single judicial forum to adjudicate all disputes concerning the affairs of Indian companies.


"About 5000 cases had been referred to NCLT and there are around 500 live cases at this point in time," insolvency professional Mamta Binani said.

There is just about one appellate tribunal and the government is said to have initiated process to set up for appallate benches to share the workload.

The Insolvency and Bankruptcy Board of India announced 511 cases for which insolvency resolution has been initiated. Thirty five companies are put under liquidation after their respective committees of creditors did not agree to the resolution plan.