BANKING AFFAIRS

Detailed explanation-1: -In the first phase, the Ministry of Corporate Affairs had set up eleven Benches, one Principal Bench in New Delhi and ten other Benches. These Benches were headed by the President and 16 Judicial Members and 09 Technical Members at different locations.

Detailed explanation-2: -In the first phase the Ministry of Corporate Affairs have set up eleven Benches, one Principal Bench at New Delhi and one each Regional Benches at New Delhi, Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Jaipur, Hyderabad, Kolkata and Mumbai.

Detailed explanation-3: -The NCLT bench is chaired by a Judicial member who is supposed to be a retired or a serving High Court Judge and a Technical member who must be from the Indian Corporate Law Service, ICLS Cadre.

Detailed explanation-4: -NCLT is a specialized court only for Corporates, i.e., companies registered in India. This will be no more than a Tribunal for the Corporate Members. NCLT will reduce the multiplicity of litigation before different forums and courts. NCLT has multiple branches and is able to provide justice at a close range.

Detailed explanation-5: -Kalavathi Srivastava. Graduated in Arts in the year 1975, Obtained Law Degree in 1st Division from the Allahabad University in the year 1979. Enrolled as an Advocate with the Bar Council of Uttar Pradesh on 6th April, 1979.