The Insolvency and Bankruptcy Board of India (IBBI) is likely to push for dedicated National Company Law Tribunal (NCLT) benches to handle insolvency cases in the real estate sector once the Ministry of Corporate Affairs (MCA) approves additional courts, sources aware of the development told TNIE.
The IBBI has been urging the Ministry over the past two years to expand the NCLT’s capacity. According to the insolvency regulator, more than 100 courts are required across the country to effectively tackle the mounting backlog of cases.
“We have been asking the Ministry to set up additional courts across cities. Even in Budget 2024, plans were announced to establish additional NCLT benches. However, nearly two years later, there has been no…