About NCLT– It is a quasi-judicial body that governs the companies in India. It was formed under the recommendations of the ‘Justice Eradi Committee'(insolvency and winding up of companies).
- It was established on 1st June, 2016, under the Companies Act, 2013 and is a successor body of the Company Law Board.
Powers- It has the same powers as assigned to:
- Erstwhile Company Law Board (which are mostly related to dealing with oppression and mismanagement).
- Board for Industrial and Financial Reconstruction (BIFR)(revival of sick companies).
- Powers related to winding up of companies (which was available only with the High Courts.
Members term- Every Member shall hold office for a period of 5 years(subject to 65 years of age criteria) from the date of entering upon office. Members are eligible for re-appointment for another term of 5 years.
Appeal-Decisions of the tribunal may be appealed to the National Company Law Appellate Tribunal(NCLAT), the decisions of which may further be appealed to the Supreme Court of India on a point of law.
