• Sanskar Garg

Sec 410 of the Companies Act, 2013: Constitution of National Company Law Appellate Tribunal

Updated: Oct 17

#NCLT #NationalCompanyLawTribunal #CompanyLaw #CompaniesAct #Tribunal #CompanyTribunal #Newdelhi #bankruptcy

 

In accordance with Section 410 of the Companies Act of 2013, the National Company Law Appellate Tribunal was established on June 1st, 2016. In India, the NCLAT is a quasi-judicial body that decides disputes involving Indian corporations. The cases decided by NCLAT fall under its appellate jurisdiction.


Composition of NCLAT: NCLAT consists of a Chairperson and Judicial and Technical Members not exceeding 11. Whether the Chairperson or other Judicial and Technical Member, they shall be appointed by the Central Government.


NCLAT shall hear appeals against:

  • Orders passed by National Company Law Tribunal, under section 61 of IBC, 2016;

  • Orders passed by Insolvency and Bankruptcy Board of India, under section 202 and 211 of IBC, 2016;

  • Direction issued or decision made or order passed by Competition Commission of India, with effect from 26th May 2017;

  • Orders of National Finance Reporting Authority, with effect from 7th May 2018.


The Company Law Board (CLB), Board for Industrial and Financial Reconstruction (BIFR), Appellate Authority for Industrial and Financial Reconstruction (AAIFR), and the powers relating to Winding up or restructuring and other provisions, vested in High Courts, are consolidated under the National Company Law Appellate Tribunal (NCLAT).


Currently, NCLAT has a Principal bench at New Delhi and one other bench at Chennai. Any person aggrieved by the order of NCLT then appeals any order on question of law and fact within 45 days to NCLAT and any person aggrieved by the order of NCLAT then appeals on question of law within 60 days to Supreme Court of India.


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