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NCLT a creature of statute, should stick to that: NCLT Chairperson
The National Company Law Tribunal (NCLT), Delhi, on Thursday reminded litigants that the tribunal is bound by the statutes of the Insolvency and Bankruptcy Code (IBC) and the Companies Act and should not operate beyond those frameworks.
"Don't stretch your power beyond the statute (IBC, Company Law). We are judges, prosecutors, executioners, recovery agents," said R Sudhakar, Chairperson of the NCLT, addressing a litigant who had cited sections from criminal law during proceedings.
'I am going through the Bhushan Power and Steel Limited judgment again. We should restrict the court to the Companies Act and IBC. The Supreme Court has clearly said do not stretch your power beyond the statute. A number of applications are passed left, right and centre,' Justice Sudhakar added.
The Supreme Court, on 2 May, had declared JSW Steel Limited's resolution plan for BPSL 'illegal' and ordered the liquidation of the company—four years after it was acquired by JSW Steel under the IBC. The matter has now returned to NCLT Delhi for further resolution.
Limited Capacity
Earlier this week, during a hearing on the BPSL liquidation proceedings, Justice Sudhakar noted that the NCLT lacked the capacity to revisit large and complex bankruptcy cases resolved six years ago, given its limited resources.
'So many issues are happening in the tribunal every day. The number of benches needs to be increased. If you want to have valuable judicial time under this pressure, it's very difficult for any member to do that effectively. Even if I have to check a small application filed with all its necessary safeguards, I need more time,' he said.
'For example, in this Bhushan Steel case, I want a special bench just for this. These interlocutory applications (IAs) need to be adjudicated by a special bench, and that takes time… Where are the members?' the NCLT Chairperson asked.
He said the members of the NCLT are overburdened by the volume of cases. Several BPSL creditors and stakeholders have filed fresh claims following the Supreme Court's ruling.
'This is what I've been telling Parliament. Please double the number of members. At least this issue can't continue as it is,' Sudhakar said.
'I literally push my members to achieve what we've managed so far,' he remarked.
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