Sec. 409 of the Companies Act, 2013: Qualification of NCLT’s President and its members
Updated: Oct 17, 2022
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The NCLT is a quasi-judicial authority incorporated for the purpose of dealing with corporate disputes that are of a civil nature arising under the Companies Act. It was established with the aim of regulating and resolving disputes between civil corporations.
Section 409 of the Companies Act, 2013 defines the qualifications of the President and members of the tribunal.
The President of the Tribunal shall be a person who is or has been a judge of a High Court for five years.
Qualification for Judicial Member-
is, or has been, a judge of a high court; or
is, or has been, a district judge for at least five years; or
has, for at least ten years, been an advocate of the court.
Qualifications for Technical Member-
has, for at least 15 years been a member of the Indian Corporate Law Service or Indian Legal Service and Holding the rank of Secretary or Additional Secretary to the Government of India; or
is, or has been in practice as a chartered accountant for at least 15 years; or
is, or has been, in practice as a cost accountant for at least fifteen years; or
is, or has been, in practice as a company secretary for at least fifteen years; or
is a person of proven ability, integrity and standing having special knowledge and experience, of not less than fifteen years, in law, industrial finance, industrial management or administration, industrial reconstruction, investment, accountancy, labor matters, or such other disciplines related to management, conduct of affairs, revival, rehabilitation and winding up of companies; or
is, or has been, for at least five years, a presiding officer of a Labor Court, Tribunal or National Tribunal constituted under the Industrial Disputes Act, 1947.