National Company Law Tribunal

National Company Law Tribunal Latest News

Recently, the Supreme Court has taken suo motu cognisance of delays by National Company Law Tribunal (NCLT) benches in approving resolution plans under the Insolvency and Bankruptcy Code (IBC).

About National Company Law Tribunal

• It is a quasi-judicial authority incorporated for dealing with corporate disputes that are of civil nature arising under the Companies Act,2013.
• It was constituted on 1 June 2016 under the Companies Act, 2013.
  • It was established based on the recommendation of the Balakrishna Eradi committee on law relating to the insolvency and the winding up of companies.
• Composition: It shall consist of a President and such number of Judicial and Technical Members as may be required.
• Appeal: Decisions of the tribunal may be appealed to the National Company Law Appellate Tribunal, the decisions of which may further be appealed to the Supreme Court of India on a point of law.

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Powers of National Company Law Tribunal

• It is guided by the principles of natural justice, subject to the other provisions of this Act and of any rules that are made by the Central Government.
• It can enforce any order that it gives in the same manner as a court would enforce it.
• It has the power to scrutinize its own orders.
• It has the power to regulate their own procedure.
• It is the adjudicating authority for the insolvency resolution process of companies and limited liability partnerships under the Insolvency and Bankruptcy Code, 2016.

Source: NIE