NCLT is hoping to cut resolution process from 300 to 180 days. Here’s how

While speaking at an ASSOCHAM event on Saturday, MM Kumar, President, National Company Law Tribunal, said that the new appointments will speed up the IBC process

New Delhi: The National Company Law Tribunal (NCLT) is now set to get 32 new members —14 judicial and 18 technical — as the Appointments Committee of the Cabinet (ACC) has given its approval for the new appointments. The new members have been appointed for a period of three years or till attaining the age of 65 years, whichever is earlier.

The ACC has also asked the Ministry of Corporate Affairs to notify the place of posting for these new members after consulting the president of NCLT.

NCLT president says move will help speed up IBC process

While speaking at an ASSOCHAM event on Saturday, MM Kumar, President, National Company Law Tribunal, said that the new appointments will speed up the IBC process and the time taken by the tribunal to resolve cases.

"Now that our strength has increased, We may even be able to complete the process within 180 days as against the current levels of average 300 days," Kumar said.

Kumar also said that the institution of resolution professionals in the country should be strengthened.