National Company Law Tribunal.
National Company Law Tribunal:
Section 408 of the Companies Act, 2013 provides that the Central Government shall constitute National Company Law Tribunal (NCLT) by notification. The powers which were earlier entrusted to various bodies, viz., Company Law Board (CLS), or Board of Industrial and Financial Reconstruction (BIFR), or High Courts will now be entrusted to the ‘Tribunal’.
Composition of the Tribunal:
The Tribunal shall consist of a President and such number of judicial and technical members as the Central Government may deem necessary, to be appointed by it. The President of the NCLT shall be a person who is or has been a Judge of a I ugh Court for five years.
Fenches of the Tribunal:
The powers of the Tribunal will be exercised by the Benches, constituted by the President of the Tribunal. Every order of the Bench would be deemed to be the order or act of the Tribunal. There would be a Principal Bench at New Delhi presided over by the President of the, Tribunal Ordinarily, every bench of the Tribunal would consist of two members, out of whom one shall be a Judicial Member and another shall be a Technical Member.
Order of the Tribunal:
According to Section 420, the Tribunal may, after giving the parties to any proceeding before it, a reasonable opportunity of being heard, pass such orders therein as it thinks fit. Efforts shall be made by the Tribunal for the disposal of the proceeding within 3 months from the date of commencement of the proceeding.
Appeal Against the Orders of the Tribunal:
Section 421 allows an aggrieved person to file an appeal against any decision or order of the Tribunal before the ‘National Company Law Appellate Tribunal’. The appeal should be filed within 45 days from the date on which a copy of the Tribunal’s order is received by the appellant. Efforts shall be made by the Appellate Tribunal to dispose of the appeal within 3 months from the receipt of the appeal.
Appeal to Supreme Court:
According to Section 423, any person who is aggrieved by any decision or order of the National Company Law Appellate Tribunal may file an appeal to the Supreme Court within a period of 60 days from the date of communication thereof, on any question of law.