Main Body
3Mandates adherance to principles of corporate governance based on -> Transparency; -> Regular Audit mechanisms; -> Accountability through grievance redressals; -> Ethical market practises, business plans.
4It enables dispute resolution, adherance to the provision of Companies registration rules.
2Insolvency Issues
1Smooth execution of the Insolvency Bankruptcy Code.
2Execution of the comprehensive insolvency procedure and facilitating companies for suo-motu filing for bankruptcy.
3Adjudicatory authority for debt recovery of companies.
4Effectiveness in functioning of Asset management companies is monitored.
5Reduction in NPAs of bank due to faster, prompt collective action -> Inexpensive, expeditious, summary remedy of disputes.
Challenges to NCLT | Way Forward
1Delay in dispute resolution. | (1) Autonomous body for appointments to tribunal.
2Lack of expertise in the tribunal benches. | (2) Autonomy to tribunals in capacity building and training personnel.
3High vacancies in the tribunal, leading to pendency of cases. | (3) Independent investigation agency for support.
159 words3 paragraphs
Conclusion
The National Company Law Tribunal is a testament to the effective, efficient, economic dispute resolution that's necessary for the dream of Viksit Bharat by 2047.
25 words
This is a continuation from previous page
Topper
Ankita Anil Patil
AIR 1402025
Subject & Paper
GS2GS2
Topic
Statutory, Regulatory and Quasi-judicial Bodies
Quasi-judicial Bodies
National Company Law Tribunal
Writing Stats
184
Total words
3
Paragraphs
analytical
Tone