Tribunals redefine commercial justice in India: NCLAT chief

New Delhi: The establishment of the National Company Law Tribunal and National Company Law Appellate Tribunal has "altered the contours of commercial justice in India," NCLAT chairperson Ashok Bhushan told a gathering of advocates of the NCLT and NCLAT Bar Association on Monday.

"IBC (Insolvency and Bankruptcy Code) represented a fundamental reordering of priorities in insolvency resolution, with a creditor-in-control process, strict timelines with a 180-day resolution period and capped at 330 days including litigation," Justice Bhushan said at a function marking the 10-year anniversary of the establishment of NCLT and NCLAT in New Delhi.

Both tribunals came into being in June 2016.


"Their (NCLT and NCLAT) establishment was nothing short of a watershed moment. It has altered the contours of commercial justice in India," he said.

Referring to the pre-IBC days, he said there was a multiplicity of regulations.