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The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies. [1] The tribunal, established under the Companies Act 2013, was constituted on 1 June 2016 by the government of India and is based on the recommendation of the V. Balakrishna Eradi committee on law relating to the insolvency and the winding up of companies.
The National Company Law Appellate Tribunal (NCLAT) is a tribunal which was formed by the Central Government of India under Section 410 of the Companies Act, 2013.The NCLAT was formed as a body with an appellate jurisdiction at the same time when NCLT was established as a major reform as per powers granted to the Ministry of Corporate Affairs in India.
The new code will speed up the resolution process for stressed assets in the country. It attempts to simplify the process of insolvency and bankruptcy proceedings. It handles the cases using two tribunals like NCLT (National company law tribunal) and Debt recovery tribunal. Dr. Navrang Saini, Dr. Ms. Mukulita Vijayawargiya and Sh.
Appellate Tribunal for Forfeited Property; Income-Tax Appellate Tribunal; Customs, Excise and Service Tax Appellate Tribunal; Authority for Advance Rulings (Central Excise, Customs and Service Tax) Competition Commission of India; Competition Appellate Tribunal; Company Law Board; Appellate Tribunal for Electricity; National Highways Tribunal
Bankruptcy and Insolvency Adjudicator: The Code proposes two separate tribunals to oversee the process of insolvency resolution, for individuals and companies: (i) the National Company Law Tribunal for Companies and Limited Liability Partnership firms; and (ii) the Debt Recovery Tribunal for individuals and partnerships. [citation needed]
The National Company Law Tribunal is a quasi-judicial body in India that adjudicates issues relating to Indian companies. National Company Law Appellate Tribunal (NCLAT) was constituted under Section 410 of the Companies Act, 2013 for hearing appeals against the orders of National Company Law Tribunal(s) (NCLT), with effect from 1 June 2016.
The Supreme Court serves as the final court of appeal for all civil and criminal cases in India and consists of 33 judges headed by the Chief Justice of India. [1] The High Courts are the top judicial bodies in individual states, controlled and managed by Chief Justices of the respective courts.
Ashok Bhushan (born 5 July 1956) is a former judge of the Supreme Court of India and the chairperson of the National Company Law Appellate Tribunal. He was the 31st chief justice of the Kerala High Court. He is a former judge of the Kerala High Court and Allahabad High Court. [1] [2]