IBC cases piling up due to lack of NCLT Benches, DFS tells MCA

The Department of Financial Services has written to the Corporate Affairs Ministry raising concerns around the limited number of Benches of the National Company Law Tribunal (NCLT), which it said was leading to piling up of Insolvency and Bankruptcy Code (IBC) cases, a senior official said.

- RUCHIKA CHITRAVANSHI & HARSH KUMAR

"More Benches of the tribunal are necessary. This is one of the things that the proposed IBC Bill has not been able to address," the senior official said. On its part, the ministry of corporate affairs in a parliamentary response had said that the pendency of cases in NCLT depends on circumstances and complexity of each case, nature of evidence, number of Interlocutory Applications, stay by the higher courts in many cases and cooperation of stakeholders.