PIB SUMMARY 

  1. National Company Law Appellate Tribunal (NCLAT)
  2. Ricochet

National Company Law Appellate Tribunal (NCLAT)

Recently, the National Company Law Appellate Tribunal (NCLAT) has stayed the order of the National Company Law Tribunal (NCLT).

National Company Law Appellate Tribunal (NCLAT)

  • It is a tribunal established under Section 410 of the companies Act 2013.
  • Established in: 2016
  • Headquarters: New Delhi  
  • Composition: Chairperson (should be/been judge of the Supreme Court or should be/been judge of the High Court) and less than eleven members (judicial and technical members) in total.
  • The Members shall be appointed on the advice of a variety Committee consisting of:
  • Chief Justice of India or his nominee—Chairperson.
  • A senior Judge of the Supreme Court or a judge of the High Court— Member.
  • Secretary within the Ministry of Corporate Affairs—Member.
  • Secretary within the Ministry of Law and Justice—Member.

Secretary within the Department of monetary Services within the Ministry of Finance— Member.

Term: 5 years for Chairperson and members and that they are often reappointed for extra 5 years.

The tribunal is liable for hearing appeals from the orders of the National Company Law Tribunals, Insolvency and Bankruptcy Board of India, and Competition Commission of India (CCI).

Its decisions could also be appealed to the Supreme Court.

National Company Law Tribunal (NCLT)

  • A quasi-judicial body established in 2016 (on the recommendations of the V. Balakrishna Eradi committee) under Section 408 of the companies Act, 2013.
  • Principal Bench: New Delhi  
  • Objective: Adjudicates issues concerning Indian companies.
  • Composition of NCLT bench: President, 16 judicial members, and 9 Technical members.
  • NCLT has got to adjudicate the insolvency resolution process of companies and financial obligation partnerships under the Insolvency and Bankruptcy Code, 2016.

Ricochet

 

Recently, the International Monetary Fund (IMF) chief said that emerging-market nations’ struggle to move out of the COVID-19 pandemic-induced economic crisis can hurt developed and advanced nations.

  • This struggle has been termed as the “Ricochet impact”.
    • Now, poorer nations are faced with the risk of interest rates increasing while their economies aren’t growing, and may find themselves “really strangled" to service debt, especially if it’s dollar-denominated

Ricochet

  • It is a rebound, bounce, or skip off a surface, particularly in the case of a projectile.

International Monetary Fund (IMF)

  • Established in: 1945
  • Headquarters: Washington DC, United States.
  • Objectives: reducing global poverty, encouraging international trade, and promoting financial stability and economic growth. The IMF has three main functions: overseeing economic development, lending, and capacity development.
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