NCLT capacity crunch puts insolvency timelines under pressure
New Delhi, Sept. 24 -- The shortage of members and infrastructure at India's insolvency tribunal has come into focus after a five-member special bench hearing Zee founder Subhash Chandra's personal insolvency case on Wednesday deferred proceedings for want of an available bench. The case involves Chandra's Rs.6.5-crore repayment plan.
The episode has once again highlighted concerns over the National Company Law Tribunal's (NCLT) capacity to hear insolvency and company-law matters, with cases being adjourned frequently due to a shortage of benches.
The NCLT's latest sign of capacity constraints came days after the Supreme Court, on 21 September, expressed concern over infrastructure and vacancies at the tribunal while hearing suo motu pr...
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