Indore (Madhya Pradesh): Thursday is going to be a dream come true for the over 10,000 companies registered in the state as 15 years after the demand was raised, a Bench of the National Company Law Tribunal (NCLT) is going to be operational in the city from Thursday. The opening of the MP Bench of NCLT here will save the time and money of the parties that went in travelling to the NCLT’s Ahmedabad Bench.
The Bench, which has a jurisdiction over the whole of MP, is set up in Anandvan building of the IDA in the Pipliyahana area and adjacent to the Passport Office. No formal inauguration function is being organised to roll out the functioning of the Bench. From 11 am, the Bench will start hearing the cases of the companies— which number over 1,000—registered in the state. Around 50 cases have been listed for Thursday and Friday.
“On the two-member Bench, Madan Bhalchandra Gosavi (member-judicial) and Koushalendra Kumar Singh (member-technical) have been appointed as judges. They are going to commence the maiden physical hearing on Thursday morning. Before stating the hearing, a formal interaction of all practitioners with the members of the Bench is scheduled at 10 am,” official sources said.
Kind of cases to be heard
CA Pankaj Shah, former chairman of the CA Indore Branch of ICAI, said the Bench would hear the case of mergers and acquisitions of the companies, insolvency and bankruptcy code, revival cases of companies, applications of reinstatement of directors who have been sacked or declared disqualified by the companies.
Demand was being made since 2007
For the first time in 2007, the central government declared that it was going to amend the Companies’ Act of 1956 and an amended Bill would be introduced. It was also said that that Benches would be set up in the states to hear the cases of companies. After passage of the Bill in Parliament in 2013, the state was associated with the Ahmedabad Bench of NCLT.
Tax consultants had, from time to time, put up their demand before influential leaders to open a Bench in the state and that, too, in this city on merit basis. Former Lok Sabha Speaker Sumitra Mahajan, too, pleaded in favour of the Bench and pitched for it before then minister for corporate affairs Piyush Goyal. Finally, on March 8, 2019, the ministry of corporate affairs notified the opening of a Bench in the city. The ministry signed an MoU with the Indore Development Authority to avail of a well-furnished space for setting up of the Bench. The Covid-19 pandemic delayed the opening of the bench by around 2 years.