Synopsis
The National Company Law Tribunal and National Company Law Appellate Tribunal have reshaped commercial justice in India. These bodies, established in June 2016, marked a significant change. The Insolvency and Bankruptcy Code introduced a new approach to resolving company debts. This system prioritizes creditors and sets strict deadlines for resolution. These tribunals have fundamentally altered how commercial disputes are handled.
New Delhi: The establishment of the National Company Law Tribunal and National Company Law Appellate Tribunal has "altered the contours of commercial justice in India," NCLAT chairperson Ashok Bhushan told a gathering of advocates of the NCLT and NCLAT Bar Association on Monday.
"IBC (Insolvency and Bankruptcy Code) represented a fundamental reordering of priorities in insolvency resolution, with a creditor-in-control process, strict timelines with a 180-day resolution period and capped at 330 days including litigation," Justice Bhushan said at a function marking the 10-year anniversary of the establishment of NCLT and NCLAT in New Delhi.
Both tribunals came into being in June 2016.
"Their (NCLT and NCLAT) establishment was nothing short of a watershed moment. It has altered the contours of commercial justice in India," he said.
Referring to the pre-IBC days, he said there was a multiplicity of regulations.
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