Excelsior Correspondent
NEW DELHI, Mar 27: The National Company Law Tribunal (NCLT) here organized a national level Colloquium on ‘NCLT-The Road Ahead’.
Chief Justice (Retd), Ramalingam Sudhakar, president, NCLT; Rajesh Verma, Secretary, Ministry of Corporate Affairs and Ravi Mital, Chairman, Indian Bankruptcy Board of India (IBBI) inaugurated the colloquium in which Members of the Tribunal, both Judicial and Technical, representing 15 Benches across India also participated.
Ramalingam Sudhakar while speaking on the occasion said that India is envisioning a multi-trillion dollar economy and industry and commerce, crucial in nation’s economy are governed by Company Law besides other laws.
He stated that the Government has come out with Insolvency & Bankruptcy Code (IBC) to resolve corporate issues to enable corporates of India to compete with the world.
“NCLT is guardian of the Corporate Law and each of its Members has a role to play in the economic growth of the country,” he maintained.
He also said that Artificial Intelligence technology can be used in case resolution, especially in admission of cases.
Rajesh Verma, Secretary, MCA, stated that NCLT is an institution of pride and it has led to faster resolution of corporate disputes under the Company Act and the IBC. He also said that during COVID-19 pandemic NCLT disposed off about 62,000 cases out of 83,000 cases filed before it.
Ravi Mital, Chairman, IBBI, stated that there are two cornerstones of IBC—timelines in process and the control being given to creditors as against debtors.
He stated that with more standardization, the speed of resolution of cases can be increased.
Inaugural session was followed by the technical session, where Sudhakar Shukla, Whole Time Member, IBBI and Prof. Charan Singh, CEO, EGROW Foundation, also participated.
Members of the Tribunal covered other areas such as Admission of Petitions u/s 7 and 9 IBC, Oppression &
Mismanagement, Avoidance Transactions, Insolvency & Voluntary Liquidation- Section 10 and Section 59, IBC and Resolution Plan Approval etc.
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