SECTION 422 EXPEDITIOUS DISPOSAL BY TRIBUNAL AND APPELLATE TRIBUNAL
Updated: Oct 18, 2022
Every application or petition presented to the Tribunal (National Company Law Tribunal- NCLT is a quasi-judicial body that is authorized to deal with the corporate disputes which are civil and arising under the Companies Act), and every appeal filed with the Appellate Tribunal (National Company Law Appellate Tribunal- NCLAT), shall be dealt with and decided as quickly as possible, and the NCLT or the NCLAT, as the case may be, shall make every effort to dispose of such application, petition, or appeal within three months of its presentation to the NCLT or the filing of the appeal with the NCLAT.
Suppose an application, petition, or appeal is not resolved within the time specified in sub-section (1). In that case, the NCLT or, as the case may be, the NCLAT, shall record the reasons for not resolving the application, petition, or appeal within the time specified; and the President or Chairperson, as the case may be, may, after considering the reasons so recorded, extend the time specified in sub-section (1).
What is National Company Law Tribunal?
It is a quasi-judicial body that is authorized to deal with the corporate disputes which are civil and arising under the Companies Act.
The current President of NCLT is Chief Justice (Retd.) Ramalingam Sudhakar.
The Tribunal will handle all Companies Act actions, including arbitration, agreements, compromises, reconstruction, and corporate wound-up.
Not a single civil court will have jurisdiction over the before-mentioned matters.
The cases which are pending before the (BIFR) Board for Industrial and Financial Reconstruction, as well as those pending under the Sick Industrial Companies (Special Provisions) Act, 1985, might be heard by the NCLT.
Also, matters pending before the Appellate Authority for Industrial and Financial Reconstruction will be taken up.
It can also take on matters involving corporate oppression and mismanagement.
Benches of National Law Tribunal-
Principle Bench i.e., New Delhi
Gujarat Dadra and Nagar Haveli Daman and Diu
Jammu and Kashmir
Andaman and Nicobar Islands
What is National Company Law Appellate Tribunal?