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National Company Law Tribunal (NCLT) 

#GS2 #Judiciary #Governance

Context

  • 31 people are appointed as judicial, technical and accountant members at the NCLT and the ITAT, amid the Supreme Court flagging concerns about vacancies in various tribunals. 
  • There are around 250 posts lying vacant at various key tribunals and appellate tribunals such as the NCLT, the DRT, the TDSAT and the SAT.

National Company Law Tribunal (NCLT) 

  • The National Company Law Tribunal (NCLT) is a quasi-judicial body adjudicating matters related to companies law and the insolvency law. 
  • It was formed by the National Company Law Tribunal (NCLT) under section 408 of the Companies Act, 2013 (18 of 2013). 
  • It is constituted based on the recommendations of the Justice Eradi Committee. 
  • It functions under the ambit of Ministry of Corporate Affairs
  • Each Bench of the tribunal is headed by a President, 16 judicial members, and 9 technical members. 
  • Term of the members: 5 years or till attaining the age of 65 or until further orders.

Functions

  • Proceedings under the Companies Act: arbitration, arrangements, compromise, reconstruction, and winding up of the company will be disposed off by the Tribunal.
  • It is the Adjudicating Authority for insolvency proceedings under the Insolvency and Bankruptcy Code, 2016, where no civil court will have jurisdiction.
  • The NCLT has the authority to dispose off cases pending before the Board for Industrial and Financial Reconstruction (BIFR), and the Sick Industrial Companies (Special Provisions) Act, 1985.
  • To take up those cases pending before the Appellate Authority for Industrial and Financial Reconstruction.
  • It will deal with cases relating to the oppression and mismanagement of a company.

 

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