ICSI asks MCA to prioritize NCLT hearings under Companies Act and IBC

ICSI asks MCA to prioritise NCLT hearings under Companies Act Sections 230-232 and 252 and IBC Section 59, with at least two hearing days each week. The professional body submitted this request to the Ministry of Corporate Affairs to address delays in corporate restructuring, mergers, company restorations, and voluntary liquidations. Specific operational guidelines or implementation dates from the tribunal are not stated in the source text. The National Company Law Tribunal handles critical corporate legal proceedings, including mergers, amalgamations, strike-off appeals, and corporate insolvencies.

In practice, timely judicial resolution is essential for businesses to execute restructuring plans without facing prolonged capital lock-ups or compliance bottlenecks. Under current operational constraints, tribunal backlogs often delay corporate actions, whereas dedicated hearing days aim to streamline litigation and improve the ease of doing business. Company secretaries, chartered accountants, and legal practitioners handling National Company Law Tribunal matters should prepare their filings in strict accordance with the cited sections and maintain regular follow-ups with tribunal registries.

Professionals should monitor official Ministry of Corporate Affairs notifications and tribunal practice directions for updates on dedicated hearing schedules. Bottom line: Keep clients informed of potential procedural timeline adjustments for ongoing restructuring and liquidation cases before the tribunal.