The Hon’ble Chief Justice of Bombay High Court inaugurated the new court premises of National Company Law Tribunal, Mumbai Bench located at Cuffe Parade, Mumbai. The inaugural program was held recently at the Centrum Hall of the World Trade Center, Mumbai.
The new premise is said to remove the biggest impediment of space constraint and it is now more than three times the earlier space. The relocated premises would have six courtrooms and twice the number of existing Members, separate waiting area and Bar room for the professionals, bigger court rooms, dedicated separate floor for Registry office and a canteen. Five new Members have already been appointed and joined in addition to the existing five members to share the workload of cases.
The newly constituted Five Benches have already started functioning from Monday. The Mumbai Bench, undisputedly, catered to the majority of the cases filed under IBC throughout the Country. However, it was being increasingly felt that infrastructure in NCLT at Mumbai needs to be augmented. This has been done by adding three more Benches to the present strength and in all presently five benches have started functioning.
When NCLT Mumbai was established, there were three members and two courts that catered to the erstwhile jurisdiction of Company Law Board, BIFR and Company Courts. In December 2016 with the notification of Insolvency and Bankruptcy Code, NCLT also served as the platform for prompt implementation of the Insolvency Code.
With the initiation of IBC, several cases were transferred from High Court and the filing of new cases started increasing exponentially. The National Company Law Tribunal is a specialized institution for the time bound resolution of corporate disputes and consolidation of the existing mechanisms for revival of sick companies.
