National Company Law Tribunal and National Company Law Appellate Tribunal (NCLT and NCLAT

National Company Law Tribunal and National Company Law Appellate Tribunal (NCLT and NCLAT)
NCLT created on 01.06.2016 (Companies Act 2013), is a quasi-judicial body to adjudicate company related issues. Constitution of
NCLT : President : Is or has been a Judge of a High Court for 5 years. (Term 5 years and re-appointment for 5 years). +
Judicial Member (Term till 67 years) + Technical Member (term till 65 years). Constitution of NCLAT : Chairperson : Is or
has been a Judge of the Supreme Court or the Chief Justice of a High Court. (Term 5 years and re-appointment for 5 years) +
Judicial Member (Term till 70 years) + Technical Member (term till 67 years). Benches : Central Govt. constituted 11 benches
(Principal Bench in New Delhi). Bench presided by President.
Orders of Tribunal: Disposal of application within 3 months. It can be reviewed within 2 years. Appeal from orders of
Tribunal : It can be to NCLAT within 45 days. Disposal period 3 months. Appeal to Supreme Court : It can be within 60 days.
Type of cases to be handled: Cases pending before Company Law Board or any District Court or High Court or before Board of
Industrial and Financial Reconstruction under the Sick Industrial Companies (Special Provisions) Act.In addition, the Insolvency and
Bankruptcy Code, 2016 (Bankruptcy Code), also provides wide powers to the NCLT to adjudicate upon the 'insolvency resolution
process' and liquidation of corporate debtors.