Cabinet Approves Creation of Additional Posts of Three Judicial Members And Three Technical Members In The National Company Law Appellate Tribunal:
In a recent press release as 27th of March 2019, it has been made clear that the The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the creation of additional posts of three Judicial Members and three Technical Members in the National Company Law Appellate Tribunal (NCLAT).
The posts will be created in Level 17 (Rs.2,25,000/- fixed) plus allowances as admissible. The total financial implication will be Rs.2,27,82,096 (Rupees two crore twenty-seven lakh eighty-two thousand ninety-six only) per annum.
This will ensure to meet the mandate provided to NCLAT by the Finance Act, 2017, the Companies Act, the IBC, 2016 and the time frame provided for disposal of cases.