Indore: There is great and exciting news for the corporate world of the city and state. The much-awaited Bench of the National Company Law Tribunal (NCLT) has opened in the financial capital of the state. The two-member Bench is likely to be functional from August.
People of the corporate world, tax consultants, advocates, chartered accountants and company secretaries of the state, particularly of the city, were demanding the setting up of a Bench of the Principal Bench of New Delhi in the city for a long time. Lok Sabha Speaker Sumitra Mahajan had also taken up the matter.
The National Company Law Tribunal is a quasi-judicial body in the county that adjudicates issues relating to Indian companies. The NCLT Bench is chaired by a judicial member who is supposed to be a retired, or a serving, high court judge and a technical member who must be from the Indian Corporate Law Service. The Bench deals with matters of acquisition and merger of companies, bankruptcies and so forth.
This is the 15th Bench of the NCLT in the country that has opened in the city.