Sec 413 of the Companies Act, 2013: Term of Office of President, Chairperson and other Members of NC

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NCLT was established in accordance with Section 408 of the 2013 Companies Act. A quasi-judicial body called NCLT was established to handle civil-natured corporate disputes brought about by the Companies Act. In order to hear appeals against the decisions of the National Company Law Tribunal(s), the National Company Law Appellate Tribunal (NCLAT) was established under Section 410 of the Companies Act, 2013. (NCLT), The establishment of NCLT and NCLAT is a component of efforts to transition to a system of quicker resolution of corporate disputes, enhancing the convenience of doing business in India.

Section 413 deals with the term of office President, Chairperson and other members whether Judicial or Technical, can hold:

• The President and every other Member of the Tribunal shall hold office as such for a term of five years from the date on which he enters upon his office, but shall be eligible for re-appointment for another term of five years.

• A Member of the Tribunal shall hold office as such until he attains,-

• in the case of the President, the age of 67 years;

• in the case of any other Member, the age of 65 years.

With the disclaimer that they are ineligible for appointment as members until they turn fifty: Furthermore, as long as the Member holds office as such for a time period that does not exceed one year, the Member may keep his lien with his parent cadre, Ministry, or Department, as the case may be.

• The Chairperson or a Member of the Appellate Tribunal shall hold office as such for a term of five years from the date on which he enters upon his office, but shall be eligible for re-appointment for another term of five years.

• A Member of the Appellate Tribunal shall hold office as such until he attains,

• in the case of the Chairperson, the age of seventy years;

• in the case of any other Member, the age of sixty-seven years

With the remark that they are ineligible for appointment as members until they turn fifty: Furthermore, as long as the Member holds office as such for a time period that does not exceed one year, the Member may keep his lien with his parent cadre, Ministry, or Department, as the case may be.