Justice B L Bhat to continue as officiating NCLAT chief till March 31
January 16, 2021
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The Centre has extended till March 31 the term of Justice (retd) Bansi Lal Bhat as the officiating Chairperson of the National Company Law Appellate Tribunal (NCLAT).
This is the latest in series of extensions that the government has given to Bhat who is Member (Judicial) since his appointment as officiating chairman last year. His term as the officiating Chairman was last extended till December 31, 2020.
It may be recalled that Justice Bansi Lal Bhat was appointed Acting Chairperson after the first Chairperson of NCLAT, Justice SJ Mukhopadhaya demitted office upon completion of his term in March last year.
The government has again extended the tenure of Justice B L Bhat as the officiating Chairperson of the National Company Law Appellate Tribunal (NCLAT). According to a notification issued by the Ministry of Corporate Affairs, Justice Bhat s tenure has been extended further till his attaining the age of 67 years or till further orders, whichever is earlier. As per the information available on NCLAT website, Justice Bhat s date of birth is April 19, 1954, which means his tenure could be for over three months. Bhat s tenure as officiating Chairperson of NCLAT was scheduled to end on December 31, 2020. This is the fourth extension for Justice Bhat since he was appointed as the officiating Chairperson of the NCLAT on March 15, 2020 for three months.
Fresh IBC suspension due to COVID-19 may put brakes on stressed asset resolution
To provide relief for entities impacted by the pandemic, the government has suspended fresh proceedings under the Insolvency and Bankruptcy Code (IBC) starting from March 25
PTI | December 31, 2020 | Updated 14:56 IST
Suspension of fresh proceedings under the insolvency law as well as the NCLT and the appellate tribunal switching to virtual hearings due to the coronavirus pandemic seem to have put the brakes on the pace of resolution process for stressed assets and realisation for creditors.
To provide relief for entities impacted by the pandemic, the government has suspended fresh proceedings under the Insolvency and Bankruptcy Code (IBC) starting from March 25, when the nationwide lockdown was imposed to curb spreading of coronavirus infections. The suspension has been extended till March next year.
Suspension of fresh IBC proceedings, pandemic woes may hit resolution pace for stressed assets
NEW DELHI: Suspension of fresh proceedings under the insolvency law as well as the NCLT and the appellate tribunal switching to virtual hearings due to the coronavirus pandemic seem to have put the brakes on the pace of resolution process for stressed assets and realisation for creditors.
To provide relief for entities impacted by the pandemic, the government has suspended fresh proceedings under the Insolvency and Bankruptcy Code (IBC) starting from March 25, when the nationwide lockdown was imposed to curb spreading of coronavirus infections. The suspension has been extended till March next year.
Suspension of fresh proceedings under the insolvency law as well as the NCLT and the appellate tribunal switching to virtual hearings due to the coronavirus pandemic seem to have put the brakes on the pace of resolution process for stressed assets and realisation for creditors. To provide relief for entities impacted by the pandemic, the government has suspended fresh proceedings under the Insolvency and Bankruptcy Code (IBC) starting from March 25, when the nationwide lockdown was imposed to curb spreading of coronavirus infections. The suspension has been extended till March next year. While the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) are conducting virtual hearings with a new set of standard operating procedures, experts are of the opinion that the pandemic has caused an overall slowdown in the resolution process.