New Delhi: Beginning Thursday, the National Company Law Tribunal (NCLT) formally takes over winding-up matters under the Companies Act 2013.
The government earlier notified that all pending proceedings and cases of reconstruction and winding-up will stand transferred to the NCLT from 15 November. It also notified rules empowering the NCLT to be the appropriate adjudicating authority to handle corporate insolvency matters under the insolvency and bankruptcy code (IBC).
This move is expected to provide some respite to the high courts and district courts which are overburdened with a large number of pending cases. According to available data, as of 2015, the high courts had over 3.87 million pending cases and district courts …
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