National Company Law Tribunal
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The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies. The NCLT was established under the Companies Act 2013 and was constituted on 1 June 2016 by the government of India & is based on the recommendation of the justice Eradi committee on law relating to insolvency and winding up of companies.
All proceedings under the Companies Act, including proceedings relating to Arbitration, Compromise, arrangements and reconstruction and winding up of companies shall be disposed of by the National Company Law Tribunal.
No civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which the Tribunal or the Appellate Tribunal is empowered to determine by or under this Act or any other law for the time being in force and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act or any other law for the time being in force, by the Tribunal or the Appellate Tribunal.
The NCLT has thirteen benches, two at New Delhi (one being the principal bench) and one each at Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Kochi, Kolkata and Mumbai. Justice M.M. Kumar, a retired Chief Justice of the Jammu & Kashmir High Court has been appointed as President of the NCLT
The NCLT has the power under the Companies Act to adjudicate proceedings:
- Initiated before the Company Law Board under the previous act (the Companies Act 1956);
- Pending before the Board for Industrial and Financial Reconstruction (BIFR), including those pending under the Sick Industrial Companies (Special Provisions) Act, 1985;
- Pending before the Appellate Authority for Industrial and Financial Reconstruction; and
- 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 (NCLAT). The decisions of NCLAT may be appealed to the Supreme Court of India on a point of law.The Supreme Court of India has upheld the Insolvency and Bankruptcy Code in it's entirety.
- "National Company Law Tribunal constituted - new perspectives for dispute resolution". Khaitan & Co. Retrieved 13 June 2016.
- https://nclt.gov.in/content/organisation. Retrieved 20 March 2018. Missing or empty
- "The National Company Law Appellate Tribunal and the National Company Law Appellate Tribunal Constituted". Trilegal. Retrieved 13 June 2016.
- "IBC: Supreme Court Upholds Insolvency And Bankruptcy Code In Its Entirety". BloombergQuint. Retrieved 2019-02-05.