Team  SoOLEGAL

Corporate Affairs Ministry says no provision of summer break for NCLT, NCLAT

Team SoOLEGAL 14 Jun 2018 5:00pm

Corporate Affairs Ministry says no provision of summer break for NCLT, NCLAT

Two different letters were sent to the National Company Law Appellate Tribunal (NCLAT) and the National Company Law Tribunals (NCLTs), by the Ministry of Corporate Affairs (MCA), seeking to cancel their vacations.

The MCA decision came after a notice was posted on the NCLAT’s website announcing a one month break from June 1 to July 1.

NCLTs, on the other hand, had planned to have a 15-day break.

On receiving the MCA's letter, “NCLAT deputy registrar wrote back to the Ministry on June 5 that the issue had been placed before the full court. The Appellate Tribunal further said that the matter will be examined in the first week of July”, according to a report by ET.

The MCA’s letters to the Tribunals gains significance considering the long list of corporate insolvency cases that are still pending before the NCLAT. In fact, many of the cases have already surpassed their 270-day deadline. The NCLAT, however, posted all of the appeals for July, leaving the corporations hanging with uncertainty.

Going by the data compiled by the Insolvency and Bankruptcy Board of India (IBBI), from March, 525 corporates were undergoing insolvency proceedings. Out of these companies, only 12 have got the approval for resolution plans and 87 have moved to liquidation. And a review petition has been filed in 67 cases.

Tagged: NCLAT   NCLT   Ministry of Corporate Affairs   Insolvency and Bankruptcy Board of India  
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Shilpa
Good
Shilpa 14 Jun 2018 5:11pm
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