New Delhi: The Union Cabinet, chaired by the Prime Minister Narendra Modi, has approved the creation of additional posts of three Judicial Members and three Technical Members in the National Company Law Appellate Tribunal (NCLAT). The posts will be created in Level 17 (Rs.2,25,000/- fixed) plus allowances as admissible. The total financial implication will be Rs.2,27,82,096 (Rupees two crore twenty-seven lakh eighty-two thousand ninety-six only) per annum.
National Company Law Appellate Tribunal is a new forum of quasi-judicial nature. This is functional since June 1, 2016. There is a lot of talk about National Company Law Appellate Tribunal along with Company Law Appellate for last two decades.
"This will ensure to meet the mandate provided to NCLAT by the Finance Act, 2017, the Companies Act, the IBC, 2016 and the time frame provided for disposal of cases"
The workload in the tribunal has increased over the last few years and the creation of the additional posts was due for some time. "This will ensure to meet the mandate provided to NCLAT by the Finance Act, 2017, the Companies Act, the IBC, 2016 and the time frame provided for disposal of cases," said a press statement issued by the ministry. It is believed that the move will increase the efficiency of the appellate authority, decrease pendency and disposal of the cases will be much faster.