The government has approved establishment of two new benches of National Company Law Tribunal (NCLT), one at Amaravati in Andhra Pradesh and the other at Indore in Madhya Pradesh.

"This step has been taken keeping in view the increasing case load, especially under the Insolvency & Bankruptcy Code (IBC) 2016... It is expected that creation of new benches will enable faster disposal of cases," an official statement said Friday.

The jurisdiction of Amaravati bench will be Andhra Pradesh and that of Indore will be Madhya Pradesh.

At present, Andhra Pradesh comes under the jurisdiction of NCLT bench at Hyderabad and Madhya Pradesh comes under the jurisdiction of NCLT bench, Ahmedabad.

NCLT, which was set up under the Companies Act, 2013, has provided an effective and time-bound adjudication mechanism to deal with matters related to the Companies Act, IBC, and LLP Act, 2008.

Presently, there are 14 NCLT benches in the country, including the Principal Bench at New Delhi, and three recently added benches at Jaipur, Kochi and Cuttack.