Whether Adjudicating Authority Under PMLA Ought To Have One Judicial Member? Supreme Court To Consider

The Supreme Court is set to consider whether the adjudicating authority under the Insolvency and Bankruptcy Code (IBC) should have at least one judicial member. The issue arose from a petition challenging the composition of the National Company Law Tribunal (NCLT) benches, which currently include technical members without judicial experience. The petitioners argued that the absence of judicial members undermines the adjudicatory process and violates the principles of natural justice. The Court has issued notices to the Union Government and other stakeholders to respond to the petition. The outcome of this case could have significant implications for the functioning of the NCLT and the resolution of insolvency cases in India. The Court’s decision will address concerns about the balance between technical expertise and judicial oversight in the adjudication of insolvency matters.