The Central government has approved the establishment of two new benches of National Company Law Tribunal (NCLT)--one at Amaravati in Andhra Pradesh and the other at Indore in Madhya Pradesh.
The step has been taken to cope up with increasing case-load, especially under the Insolvency and Bankruptcy Code 2016, said an official statement on Friday.
At present, Andhra Pradesh comes under the jurisdiction of NCLT bench at Hyderabad and Madhya Pradesh comes under the jurisdiction of NCLT bench at Ahmedabad.
"It is expected that creation of new benches will enable faster disposal of cases," said the statement.
The NCLT provides an effective and time-bound adjudication mechanism to deal with matters related to the Companies Act 2013, the Insolvency and Bankruptcy Code (IBC) 2016 and the Limited Liability Partnership Act 2008.
There are 14 NCLT benches across the country, including the principal bench in New Delhi. Three were recently set up at Jaipur, Kochi, and Cuttack.
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