Classified Id: 768780
Classified
Title:
NCLT AND NCLAT
Category: Services:: Investment - Financial Planning
City: Iceland Locality: PUNE
Date Listed/Updated: 2021-03-02
Author/Publisher name:
Description: The National Company Law Tribunal and the National Company Law Appellate Tribunal ConstitutedThe constitution of the National Company Law Tribunal and the National Company Law Appellate Tribunal is a paradigm shift with the intention of establishing a specialized forum to adjudicate all disputes/issues pertaining to companies in India. The primary objective of constituting these tribunals is to provide a simpler, speedier and more accessible dispute resolution mechanism.The Government of India has, after fourteen years since their introduction, constituted the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) under the Companies Act, 2013 (Companies Act) to provide for a single judicial forum to adjudicate all disputes concerning the affairs of Indian companies. The tribunals have been made effective from 1st June 2016.The NCLT will have eleven benches initially, two at New Delhi and one each at Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai. The NCLT will comprise a president and judicial and technical members, as necessary. Justice M.M. Kumar, former Chief Justice of the High Court of Jammu and Kashmir has been appointed the president of the NCLT. The NCLAT, the appellate body, will consist of a chairperson and a maximum of eleven judicial and technical members. Justice S.J. Mukhopadhaya, a retired judge of the Supreme Court of India, has been appointed the chairperson of the NCLAT.While the tribunals have been set up to deal with all company related disputes (except any criminal prosecution for offences under the Companies Act), the powers currently provided to the NCLT and the NCLAT under the recent notifications are limited. It is expected that further notifications will soon be issued to allow the NCLT and the NCLAT to exercise complete gamut of powers prescribed under the Companies Act.
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