National Company Law Tribunal (NCLT)
- Posted By
10Pointer
- Categories
Polity & Governance
- Published
28th Aug, 2020
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- NCLT is a quasi-judicial body in India that adjudicates issues relating to Indian companies.
- NCLT was constituted under the section 408 of the Companies Act, 2013 on 1st June 2016.
- It was based on the recommendations of Justice Eradi committee on the law relating to insolvency and winding up of companies.
- NCLT is a specialized court only for Corporates, i.e., companies registered in India.
- This will be no more than a Tribunal for the Corporate Members.
- It will reduce the multiplicity of litigation before different forums and courts.
- It consists of both judicial and technical members while deciding on matters.
- Speedy disposal of cases to help reduce the number of cases.
- NCLT & NCLAT have exclusive jurisdiction.
- The Appellate Tribunal is required to dispose the appeal within a period of six months from the date of the receipt of the appeal.
- The decisions of NCLAT may be appealed to the Supreme Court of India.
- No civil court has the jurisdiction to consider any suit or proceeding with reference to any matter which the Tribunal or the Appellate Tribunal is empowered to decide.
- Appeals can be made by any person aggrieved by an order or decision of the NCLT, within a period of 45 days from the date on which a copy of the order or decision of the Tribunal.
