In a significant move to enhance the functioning of the National Company Law Tribunal (NCLT), the Ministry of Corporate Affairs (MCA) has appointed 24 Judicial and Technical Members to the tribunal’s Principal Bench in New Delhi. 

The announcement, made on January 7, marks a strategic step towards expediting corporate dispute resolutions and strengthening India’s corporate governance framework.

The new appointees include 11 Judicial Members and 13 Technical Members, who will serve a five-year tenure or until they reach the age of 65, whichever comes first. These appointments are expected to improve the tribunal’s capacity to handle cases more efficiently, addressing the growing demands in areas such as insolvency, corporate disputes, and mergers and acquisitions.

Key Appointees

The Judicial Members include Justice Jyotsna Sharma, Sunil Kumar Aggarwal, and others, while the Technical Members include Reena Sinha Puri, Siddharth Mishra, among others. Their expertise spans various fields, ensuring a balanced and well-rounded adjudicative process at the NCLT.

Compensation Details

As per the notification, the appointees will receive salaries in the range of ₹1,82,200 to ₹2,24,100 per month, as per the recommendations of the Seventh Central Pay Commission.

Implications for Business

The appointments are expected to reduce pendency and fast-track resolutions, especially in cases under the Insolvency and Bankruptcy Code (IBC) and the Companies Act. This development is seen as a positive signal for businesses and investors, boosting confidence in India’s regulatory and dispute resolution mechanisms.

The government’s commitment to strengthening institutions like the NCLT is pivotal for fostering a robust corporate environment and aligning with India’s vision of becoming a global business hub, said economy watchers.