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SECTION 422 EXPEDITIOUS DISPOSAL BY TRIBUNAL AND APPELLATE TRIBUNAL

#SECTION422

#EXPEDITIOUSDISPOSAL

#TRIBUNAL

#APPELLATETRIBUNAL

#APPLICATION

#COMPANYLAW

#NCLT

#NATIONALCOMPANYLAWTRIBUNAL

#NCLAT

#NATIONALCOMPANYLAWAPPELLATETRIBUNAL

  1. Every application or petition presented to the Tribunal (National Company Law Tribunal- NCLT[1] is a quasi-judicial[2] 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[3]), 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.

  2. 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[4].


Functions-

  • 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[7], 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[6]-


Locations

Jurisdiction

Principle Bench i.e., New Delhi

New Delhi

Ahmedabad Bench

Gujarat Dadra and Nagar Haveli Daman and Diu

Allahabad Bench

Uttar Pradesh

Uttarakhand

Amaravati Bench

Andhra Pradesh

Bengaluru Bench.

Karnataka

Chandigarh Bench

Himachal Pradesh

Jammu and Kashmir

Punjab

Chandigarh

Haryana

Chennai Bench

Tamil Nadu

Puducherry

Cuttack Bench

Chhattisgarh

Odisha

Guwahati Bench

Arunachal Pradesh

Assam

Manipur

Mizoram

Meghalaya

Nagaland

Sikkim

Tripura

Telangana Bench

Telangana

Indore Bench

Madhya Pradesh

Jaipur Bench

Rajasthan

Kochi Bench

Kerala

Lakshadweep

Kolkata Bench

Bihar

Jharkhand

West Bengal

Andaman and Nicobar Islands

Mumbai Bench

Goa

Maharashtra

What is National Company Law Appellate Tribunal?

It was constituted under Section 410 of the Companies Act thereafter; it came into effect on the 01st of July 2016. The Appellate Tribunal also hears the appeals against the orders passed by NCLT under Insolvency and Bankruptcy Code 2016, Section 61[7].

[1] Indian Kanoon (Section 408) -https://indiankanoon.org/doc/691232/ [2] A quasi-judicial body is “an organ of Government other than a Court or Legislature, which affects the rights of private parties either through adjudication or rulemaking.” [3] Indian Kanoon (Section 410)- https://indiankanoon.org/doc/1699332/ [4] About Honorable President- https://nclt.gov.in/sites/default/files/ncltmember/Profile.pdf [5] Its purpose was to Shut Down, Recover, Reshape, or liquidate the sick companies, the companies which are not performing well. [6] National Company Law Tribunal- https://nclt.gov.in/national-company-law-tribunal-benches [7] SSC Online (Section 61)-

https://www.scconline.com/blog/post/tag/section-61-of-insolvency-and-bankruptcy-code/#:~:text=Section%2061%20of%20the%20IBC,date%20of%20the%20impugned%20order

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