Ministry of Corporate Affairs has established Indian Institute of Corporate Affairs (IICA) at Manesar, Haryana to function as a holistic Think-Tank, Capacity Building and Service Delivery Institute to help Corporate Growth, Reforms & Regulations through synergized knowledge management, partnership and problem solving in a One-Stop-Shop mode.

The provisions of Companies Act, 2013 relating to corporate governance are aimed at making companies more robust and accountable to the stakeholders. Further, in order to resolve disputes between companies, National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) have been notified on 01st June, 2016, to exercise and discharge powers and functions as are, or may be, conferred on these bodies under the Companies Act, 2013 or any other law for the time being in force. In addition, the provisions of the Act also provide for a mechanism to resolve disputes through mediation and conciliation. The Insolvency & Bankruptcy Code, 2016 has been notified on 1.12.2016 whereby the benches of NCLT have been conferred with jurisdiction and powers of Adjudicating Authority under Part II of the code. .

This was stated by Shri Arjun Ram Meghwal, Minister of State for Corporate Affairs in written reply to a question in Lok Sabha today.

Insolvency jurisdiction expanded under new code assigning adjudicative authority to specialized benches, reshaping corporate dispute resolution mechanisms. The Indian Institute of Corporate Affairs was established to support corporate growth and regulation through capacity building and knowledge management. The Companies Act, 2013 strengthens corporate governance and provides for dispute resolution including mediation; specialized tribunals were notified to exercise statutory powers, and the Insolvency & Bankruptcy Code, 2016 confers on designated benches the jurisdiction and powers of an adjudicating authority under Part II.