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Apr 27, 2024
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Companies Act tweak, IBC among MCA’s 100-day plan
The ministry of corporate affairs (MCA) has chalked out a plan for the first 100 days of the new government to assume office after the elections.
Besides a clutch of changes to the Insolvency and Bankruptcy Code (IBC) aimed at expediting the resolutions and expanding the ambit of the mechanism, the action plan includes streamlining of the existing rules under the Companies Act, 2013 and bolstering the National Company Law Tribunal (NCLT).
“The MCA will engage in increasing the number of members at NCLT beyond the current sanctioned strength. Besides, the proposal by the industry to create separate benches for IBC (insolvency and bankruptcy code), and company law-related matters within the NCLT will also be taken up,” said an official source.
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