{"id":324472,"date":"2025-01-24T12:08:53","date_gmt":"2025-01-24T06:38:53","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=324472"},"modified":"2025-01-24T12:08:53","modified_gmt":"2025-01-24T06:38:53","slug":"national-company-law-tribunal-nclt","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/national-company-law-tribunal-nclt\/","title":{"rendered":"National Company Law Tribunal (NCLT)"},"content":{"rendered":"<p><strong>News:<\/strong> Recently, the National Company Law Tribunal (NCLT) ordered the liquidation of budget carrier Go First. It potentially brings an end to the airline and its 20-month-long insolvency proceedings.<\/p>\n<h2>About National Company Law Tribunal (NCLT)<\/h2>\n<ul>\n<li><span data-contrast=\"auto\">It is a <\/span><b><i><span data-contrast=\"auto\">quasi-judicial body<\/span><\/i><\/b><span data-contrast=\"auto\"> established to handle civil corporate disputes.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">It was established on <\/span><b><span data-contrast=\"auto\">1st June 2016 <\/span><\/b><span data-contrast=\"auto\">under the <\/span><b><i><span data-contrast=\"auto\">Companies Act, 2013.<\/span><\/i><\/b><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Objective<\/span><\/b><span data-contrast=\"auto\">&#8211; The main goal of NCLT is to offer a specialized forum for resolving disputes related to company law and the Insolvency and Bankruptcy Code, 2016 (IBC).<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Genesis<\/span><\/b><span data-contrast=\"auto\">&#8211; It was established based on the <\/span><b><i><span data-contrast=\"auto\">Balakrishna Eradi Committee&#8217;s<\/span><\/i><\/b><span data-contrast=\"auto\"> recommendations on insolvency and company winding-up laws.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Composition:\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span>\n<ul>\n<li><span data-contrast=\"auto\">It shall consist of a President and such number of Judicial and Technical Members as may be required.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">The Central Government appoints these members based on their expertise in fields like law, finance, accountancy, management, and administration.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b><span data-contrast=\"auto\">Structure- <\/span><\/b><span data-contrast=\"auto\">The NCLT has a <\/span><b><i><span data-contrast=\"auto\">principal bench in New Delhi<\/span><\/i><\/b><span data-contrast=\"auto\"> and other benches in cities such as Ahmedabad, Bengaluru, Chennai, and Kolkata<\/span><b><span data-contrast=\"auto\">.<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"11\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Powers:\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span>\n<ul>\n<li><span data-contrast=\"auto\">It is not bound by the <\/span><b><i><span data-contrast=\"auto\">Code of Civil Procedure (CPC)<\/span><\/i><\/b><span data-contrast=\"auto\"> and <\/span><b><i><span data-contrast=\"auto\">follows principles of natural justice,<\/span><\/i><\/b><span data-contrast=\"auto\"> and the rules set by the Act and the Central Government.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">It can enforce orders with the same authority as a court.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">It can <\/span><b><i><span data-contrast=\"auto\">review its own decisions<\/span><\/i><\/b><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">It can <\/span><b><span data-contrast=\"auto\">regulate its own procedures<\/span><\/b><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">It handles insolvency resolution for companies and LLPs under the Insolvency and Bankruptcy Code, 2016.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"11\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Appeal-<\/span><\/b><span data-contrast=\"auto\">Decisions of the NCLT 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.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>News: Recently, the National Company Law Tribunal (NCLT) ordered the liquidation of budget carrier Go First. It potentially brings an end to the airline and its 20-month-long insolvency proceedings. About National Company Law Tribunal (NCLT) It is a quasi-judicial body established to handle civil corporate disputes.\u00a0 It was established on 1st June 2016 under the&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/national-company-law-tribunal-nclt\/\">Continue reading <span class=\"screen-reader-text\">National Company Law Tribunal (NCLT)<\/span><\/a><\/p>\n","protected":false},"author":10367,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,1760,12039],"tags":[11872],"class_list":["post-324472","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-polity-and-nation","category-knolls","tag-9pm-daily-factly","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/324472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10367"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=324472"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/324472\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=324472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=324472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=324472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}