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National Company Law Appellate Tribunal (NCLAT)

Topics Covered: Statutory, regulatory and various quasi-judicial bodies.

National Company Law Appellate Tribunal (NCLAT):


Constituted under Companies Act, 2013.

Functions:

It hears appeals against the orders of:

  1. NCLT under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC).
  2. Insolvency and Bankruptcy Board of India under Section 202 and Section 211 of IBC.
  3. The Competition Commission of India (CCI).

Composition:

The President of the Tribunal and the chairperson and Judicial Members of the Appellate Tribunal shall be appointed after consultation with the Chief Justice of India.

The Members of the Tribunal and the Technical Members shall be appointed on the recommendation of a Selection Committee consisting of:

  1. Chief Justice of India or his nominee—Chairperson.
  2. A senior Judge of the Supreme Court or a Chief Justice of High Court— Member.
  3. Secretary in the Ministry of Corporate Affairs—Member.
  4. Secretary in the Ministry of Law and Justice—Member.
  5. Secretary in the Department of Financial Services in the Ministry of Finance— Member.

Eligibility:

  1. Chairperson – Should be/been judge of the Supreme Court or should be/been Chief Justice of the High Court.
  2. Judicial Member – Is/has been a judge of a High Court or is a judicial member of a tribunal for 5 years or more.
  3. Technical member– Person with proven ability, integrity and standing having special knowledge and experience of 25 years or more (in specified areas).

Term:

Term of office of chairperson and members is 5 years and they can be reappointed for additional 5 years.

InstaLinks:

Prelims Link:

  1. About NCLAT and NCLT.
  2. Functions.
  3. Appeals.
  4. Composition.
  5. Eligibility.
  6. Terms.

Sources: the Hindu.