Cabinet okays creation of additional posts in NCLAT

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday 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 per month) plus allowances as admissible. The total financial implication will be around Rs 2.28 crore per annum.

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"This will ensure to meet the mandate provided to the NCLAT by the Finance Act, 2017, the Companies Act, the Insolvency and Bankruptcy Code, 2016 and the time frame provided for disposal of cases," an official release said.