The Appointments Committee of the Cabinet (ACC) has given its nod for appointment of 32 members —14 judicial and 18 technical — to the National Company Law Tribunal (NCLT). These members have been appointed for a term of three years or till attaining the age of 65 years, whichever is earlier.
The ACC also directed that the Corporate Affairs Ministry will notify the place of posting for these appointees in consultation with the President, NCLT.
Meanwhile, M.M.Kumar, President, National Company Law Tribunal (NCLT) said at an ASSOCHAM event on Saturday that the Government move to appoint 32 new members to NCLT will help speed up the IBC process and achieve resolution in lesser time.
"Now that our strength has increased, We may even be able to complete the process within 180 days as against the current levels of average 300 days", Kumar said.
Kumar also made a case for strengthening the institution of resolution professionals in the country.