NCLT National Company Law Tribunal Advocate Lawyers
The National Company Law Tribunal (NCLT) is a quasi-judicial body established under the Companies Act, 2013 to deal with matters related to companies in India. The NCLT was constituted on June 1, 2016, replacing the Company Law Board (CLB) and the Board for Industrial and Financial Reconstruction (BIFR). It is a specialized tribunal that has exclusive jurisdiction over company law matters and has been given extensive powers to deal with issues related to corporate governance and insolvency.
The NCLT has its principal bench in New Delhi and has 15 benches located in major cities across India. The tribunal is headed by a President and comprises judicial and technical members appointed by the central government. The President and Members of the NCLT are selected based on their experience and knowledge in the field of law, finance, economics, accountancy, management or administration.
The NCLT has been given a wide range of powers under the Companies Act, 2013. It has jurisdiction over several types of cases, including company law matters, mergers and acquisitions, insolvency and bankruptcy proceedings, and class action suits. The NCLT is also empowered to take disciplinary action against companies and their directors for non-compliance with the Companies Act, 2013 and other corporate laws.
One of the most important functions of the NCLT is to oversee the insolvency and bankruptcy process of companies. The NCLT plays a crucial role in resolving insolvency and bankruptcy cases by appointing an Insolvency Resolution Professional (IRP) who takes charge of the management of the company during the insolvency process. The IRP is responsible for preparing a resolution plan for the company, which is then approved by the NCLT. If the resolution plan is not successful, the NCLT may order the liquidation of the company.
The NCLT has also been given the power to initiate class action suits on behalf of shareholders or depositors of a company who have been affected by its actions. This power is particularly significant in cases where a large number of shareholders or depositors have been affected, as it enables them to seek redressal through a single legal action.
In addition to its powers under the Companies Act, 2013, the NCLT has also been given certain powers under other legislation such as the Insolvency and Bankruptcy Code, 2016, the Competition Act, 2002 and the Securities and Exchange Board of India Act, 1992.
In conclusion, the NCLT is a crucial institution in the Indian corporate governance system. Its jurisdiction over company law matters and insolvency proceedings has significantly improved the ease of doing business in India by providing an efficient and transparent dispute resolution mechanism for companies. The NCLT has been successful in resolving several high-profile insolvency cases and has played a key role in promoting investor confidence in the Indian corporate sector.
NCLAT National Company Law Appellate Tribunal Advocate Lawyers
The National Company Law Appellate Tribunal (NCLAT) is a quasi-judicial body established under the Companies Act, 2013 to hear appeals against the orders passed by the National Company Law Tribunal (NCLT). The NCLAT was constituted on June 1, 2016, and has its headquarters in New Delhi. It is an appellate body that has the power to hear appeals against orders passed by the NCLT, the Competition Commission of India (CCI), and the Insolvency and Bankruptcy Board of India (IBBI).
The NCLAT comprises a Chairperson and other Members appointed by the Central Government. The Chairperson and Members of the NCLAT are selected based on their experience and knowledge in the field of law, finance, economics, accountancy, management, or administration. The NCLAT has two benches, one in New Delhi and the other in Chennai, to hear appeals from across the country.
The NCLAT has jurisdiction to hear appeals against orders passed by the NCLT under various provisions of the Companies Act, 2013, including orders related to insolvency and bankruptcy, mergers and acquisitions, and class action suits. The NCLAT also has the power to hear appeals against orders passed by the CCI under the Competition Act, 2002, and orders passed by the IBBI under the Insolvency and Bankruptcy Code, 2016.
One of the most significant functions of the NCLAT is to hear appeals against orders passed by the NCLT in insolvency and bankruptcy cases. The NCLAT has the power to hear appeals against orders related to the initiation of insolvency proceedings, the appointment of Insolvency Resolution Professionals (IRP), the approval of resolution plans, and the liquidation of companies. The NCLAT has been instrumental in providing an efficient and transparent dispute resolution mechanism for companies in insolvency proceedings.
The NCLAT also plays a crucial role in promoting corporate governance in India by providing an appellate mechanism for companies and their stakeholders to challenge orders passed by the NCLT. This mechanism ensures that the decisions of the NCLT are fair, just, and in compliance with the provisions of the Companies Act, 2013.
In addition to its powers under the Companies Act, 2013, the NCLAT has been given certain powers under other legislation such as the Competition Act, 2002 and the Insolvency and Bankruptcy Code, 2016. The NCLAT has the power to hear appeals against orders passed by the CCI related to anti-competitive practices and mergers and acquisitions. It also has the power to hear appeals against orders passed by the IBBI related to insolvency and bankruptcy proceedings.
In conclusion, the NCLAT is a crucial institution in the Indian corporate governance system. Its jurisdiction to hear appeals against orders passed by the NCLT, CCI, and IBBI ensures an efficient and transparent dispute resolution mechanism for companies and their stakeholders. The NCLAT has been instrumental in promoting investor confidence in the Indian corporate sector by providing an appellate mechanism to challenge orders passed by the NCLT.
