National Company Law Tribunal (NCLT)


Ajit Kumar AJIT KUMARWISDOM IAS, New Delhi.


The Central Government has constituted National Company Law Tribunal (NCLT) under section 408 of the Companies Act, 2013 (18 of 2013) w.e.f. 01st June 2016.


In the first phase the Ministry of Corporate Affairs have set up eleven Benches, one Principal Bench at New Delhi and ten Benches at New Delhi, Ahmadabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guahati, Hyderabad, Kolkata and Mumbai. These Benches will be headed by the President and 16 Judicial Members and 09 Technical Members at different locations.

Justice M.M. Kumar, a retired judge of the Punjab and Haryana High Court has been appointed as President of the NCLT. The NCLT Bench at Bangalore began functioning on 18 July 2016.
 
The NCLT has the power under the Companies Act to adjudicate proceedings:
 
1.      Initiated before the Company Law Board under the previous act (the Companies Act 1956);
2.      Pending before the Board for Industrial and Financial Reconstruction (BIFR), including those pending under the Sick Industrial Companies (Special Provisions) Act, 1985;
3.      Pending before the Appellate Authority for Industrial and Financial Reconstruction; and
4.      Pertaining to claims of oppression and mismanagement of a company, winding up of companies and all other powers prescribed under the Companies Act.
Decisions of the NCLT may be appealed to the National Company Law Appellate Tribunal.



Friday, 23rd Dec 2016, 11:51:37 AM

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Ashish
to the point reading content,very useful
Feb 21, 2017 08:00 PM