After a much-needed capacity boost, NCLT readies to fast-track cases

What is the News?

The Government of India has appointed eight judicial and ten technical members at the National Company Law Tribunal (NCLT).

What is NCLT?

National Company Law Tribunal(NCLT) is a quasi-judicial body constituted under section 408 of the Companies Act, 2013 in 2016.

Committee: The tribunal was established based on the recommendation of the V. Balakrishna Eradi committee on the law relating to insolvency and the winding up of companies.

Purpose: The tribunal deals with matters mainly related to companies law and insolvency law.

Term of Members: The Companies Act fixes the term of office of chairperson and members of all NCLTs at five years or 65 years, whichever is earlier.

Appeals: Decisions of the NCLT may be appealed to the National Company Law Appellate Tribunal (NCLAT). The decisions of NCLAT may further be appealed to the Supreme Court of India on a point of law.

Source: This post is based on the article “After a much-needed capacity boost, NCLT readies to fast-track cases” published in “Business Standard” on 6th November 2021.