MANU/PIBU/0260/2021

Department/Board : PIB

Date : 25.01.2021

Finance Minister Smt Nirmala Sitharaman inaugurates the Chennai Bench of National Company Law Appellate Tribunal

Delhi Bench of NCLAT is now called Principal Bench

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman inaugurated the Chennai Bench of National Company Law Appellate Tribunal (NCLAT) through virtual mode here today.

The inaugural ceremony was held in presence of Shri. Justice Bansi Lal Bhat, Acting Chairperson, NCLAT, Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs, other members of NCLAT and the National Company Law Tribunals, officers of Ministry of Corporate Affairs, Ministry of Finance as well as members of the Bar.

The Chennai Bench of NCLAT shall have jurisdiction to hear the Appeals arising out of the orders passed by the benches of NCLT having jurisdiction of Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Lakshwadeep and Puducherry. Two Members of NCLAT, New Delhi, Hon'ble Shri. Balvinder Singh, Member (Technical) and Hon'ble. Shri. Justice Venugopal M. have taken charge of the newly constituted Chennai Bench of the NCLAT.

Hon'ble Shri. Justice Bansi Lal Bhat welcomed Finance Minister Smt. Nirmala Sitharaman and expressed his gratitude for inaugurating the Chennai Bench of the NCLAT. He also expressed his gratitude to Hon'ble Prime Minister Shri Narendra Modi who has very aptly underscored the role of the Insolvency and Bankruptcy Code, 2016 in providing freedom of exit to insolvent entities. He stated that the Central Government has demonstrated a proactive approach by bringing successive amendments to the Code and that the Government is taking all steps to strengthen the NCLT in terms of number of Benches and number of courts at heavily loaded benches.

Five new Benches of NCLT have been announced at Jaipur, Cuttack, Kochi, Indore and 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 the Principal Bench in New Delhi and the 5th at NCLAT, Chennai.

While congratulating the citizens of the country, she emphasised on the significance of constituting another Bench of the NCLAT at Chennai and stated that the Bench of the NCLAT at New Delhi shall henceforth be known as the Principal Bench of the NCLAT which shall hear appeals other than those in the jurisdiction of Chennai Bench of the NCLAT.

The Finance Minister stated that the Union Government's deci........