Union minister P P Chaudhary today said the government will "very soon" appoint more judges at the NCLT to ensure that matters are decided on time, amid rising number of cases coming up before the tribunal.
"There are some problems with respect to appointment of judges to NCLT. Everything is in pipeline. Very soon some more appointments shall be made," the Minister of State for Corporate Affairs said here.
The National Company Law Tribunal (NCLT) has been set up under the Companies Act and has benches in different parts of the country.
"... we know that a large number of cases are coming to NCLT and if cases are not decided on time, then the very purpose of ease of doing business is frustrated," Chaudhary, who is also the Minister of State for Law & Justice, said.
In recent times, the number of cases before the NCLT has been on the rise, especially those related to the Insolvency and Bankruptcy Code (IBC). Among others, many banks have moved the tribunal seeking insolvency process to deal with stressed assets.
"We know that prior to IBC, we were having different laws and our experience has not been good with respect to those laws. In view of incompatible and conflicting provisions, insolvency resolution could not be achieved in time. It also resulted in undue delay," the minister said.
Asserting that implementation of a law is more important, Chaudhary said "amendment and reform" is a continuous process.
"Implementation is more important and pivotal. There may be infirmities in law, that can be corrected," he added.
Whenever good inputs are provided by stakeholders, the government would welcome all those suggestions and try to incorporate them, whether it be IBC or RERA -- Real Estate (Regulation and Development) Act, the minister said.
According to him, RERA has enhanced accountability, transparency, pan-India standardisation of process in real estate sector and established a robust dispute resolution mechanism.
Disclaimer: No Business Standard Journalist was involved in creation of this content
