Ministry of Finance:
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman inaugurated the Chennai Bench of National Company Law Appellate Tribunal (NCLAT) through virtual mode from New Delhi today.
Finance Minister inaugurated the NCLAT in presence of Justice Bansi Lal Bhat, Acting Chairperson, NCLAT; Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs (MCA); other members of NCLAT and the National Company Law Tribunals.
FM Smt. N Sitharaman stated that along with the Supreme Court as the apex forum, the NCLAT and the NCLTs have done a commendable job in ironing out issues and difficulties faced in implementing the new Insolvency & Bankruptcy Code (IBC) 2016.
Two Members of NCLAT, New Delhi, Shri. Balvinder Singh, Member (Technical) and Shri. Justice Venugopal M. have taken charge of the newly constituted Chennai Bench of the NCLAT.
The Chennai Bench of NCLAT shall have jurisdiction to hear Appeals arising out of the orders passed by the benches of NCLT having jurisdiction of Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Lakshwadeep and Puducherry.
5 new Benches of NCLT have been announced at Jaipur, Cuttack, Kochi, Indore & Amaravati, bringing the total number of Benches to 16 (including the Principal Bench).
The NCLAT now functions at a strength of 5 courts; 4 at Principal Bench in New Delhi & 5th at NCLAT, Chennai.