Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman inaugurated the Chennai Bench of National Company Law Appellate Tribunal (NCLAT) through virtual mode on 25th January.
The NCLAT New Delhi Bench is the Principal Bench of the National Company Law Appellate Tribunal established in 2016.
The Chennai Bench of NCLAT will have jurisdiction to hear appeals against orders passed by the benches of the National Company Law Tribunal (NCLT) having jurisdiction of Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Lakshwadeep and Puducherry.
Two Members of NCLAT, New Delhi, Balvinder Singh, Member (Technical) and Justice Venugopal M. have taken charge of the newly constituted Chennai Bench of the NCLAT, according to press release.
“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.” the release said.
Further FM Sitharaman stated that the Union Government’s decision to set up a bench of the NCLAT at Chennai will give a major relief to the companies and litigants in Southern States of India, who faced great difficulty in travelling to Delhi for work pertaining to filing and arguing of appeals in the NCLAT. This will reduce the pendency of cases, shorten the period of process and shall result in speedier disposal of the cases.