Cabinet approves creation of more posts in NCLAT

The Union Cabinet on Wednesday approved creation of additional posts in the National Company Law Appellate Tribunal (NCLAT) for speedy disposal of cases.

The appointment of three more judicial members and as many technical members will help meet the mandate provided to NCLAT by the Finance Act 2017, the Companies Act 2013 and the Insolvency and Bankruptcy Code 2016.

An official statement said that total financial implication will be Rs 2.27 crore per year.

The Cabinet chaired by Prime Minister Narendra Modi also approved acquiring 372 square yards out of 10 acres of land in eastern side of Central Water Commission land by Telangana state government for widening of a road with zero charges.

Modi was apprised about an MoU signed in February on youth matters between India and Morocco. Both countries will exchange 20-member youth delegations every year.

The Prime Minister was also briefed about an MoU signed between India and Morocco to promote exchange of information and technical cooperation in the field of housing and human settlement. This will include low-cost and mass affordable housing, water supply and sanitation, urban transport and smart cities development.

A similar MoU with Saudi Arabia will transfer modern construction techniques besides encouraging research and development in housing development.

The Prime Minister was also apprised about an MoU between India and Argentine on Antarctic cooperation to help scientific cooperation on projects in the field of earth sciences.

The Cabinet gave ex-post facto approval on the MoU between India and South Korea to facilitate and promote bilateral cooperation between startups of both countries.

It also approved the MoU between India and Indonesia on combating illicit trafficking in narcotic drugs, psychotropic substances and its precursors. It will come into force on the date of signing and will remain in effect for five years.

India has signed similar pacts with the 37 countries.