The National Company Law Tribunal (NCLT) is a quasi-judicial body in India established under the Companies Act, 2013. It was established to consolidate the jurisdiction of various forums and bodies dealing with corporate matters, including winding up and insolvency proceedings. The constitution of the NCLT is governed by the provisions of the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016. Here are the key aspects of the constitution of the NCLT:
- Principal Bench: The NCLT consists of a Principal Bench located in New Delhi, which is the principal seat of the tribunal. The Principal Bench has jurisdiction over matters related to the Companies Act, 2013, and the Insolvency and Bankruptcy Code, 2016.
- Regional Benches: The NCLT also has multiple Regional Benches located in various cities across India. These benches exercise jurisdiction over their respective territorial areas and deal with matters assigned to them under the Companies Act and the Insolvency and Bankruptcy Code.
Appointment of Members:
- President: The NCLT is headed by a President who is appointed by the Central Government in consultation with the Chief Justice of India. The President of the NCLT is a person who is, or has been, a judge of the High Court.
- Judicial Members: The NCLT consists of Judicial Members who are appointed by the Central Government in consultation with the President of the NCLT. Judicial Members are typically retired judges of the High Court.
- Technical Members: The NCLT also includes Technical Members who possess expertise and experience in fields such as law, finance, economics, accounting, or business administration. They are appointed by the Central Government in consultation with the President of the NCLT.
The NCLT has jurisdiction over various matters, including:
- Matters related to the Companies Act, 2013, such as company law disputes, mergers and amalgamations, oppression and mismanagement cases, and class action suits.
- Matters related to the Insolvency and Bankruptcy Code, 2016, including insolvency proceedings, liquidation, and voluntary winding up of companies.
- Other matters as may be prescribed by law.
Powers and Functions:
The NCLT exercises both original and appellate jurisdiction. It has the power to hear and decide cases, pass orders, and issue directions in matters falling within its jurisdiction. The NCLT also has the authority to review decisions of the Registrar of Companies and other statutory authorities in relation to company law matters.
The procedure followed by the NCLT is governed by the provisions of the Companies Act, 2013, the Insolvency and Bankruptcy Code, 2016, and the NCLT Rules. The NCLT has the power to regulate its own procedure and conduct proceedings in a fair and efficient manner.