National Company Law Appellate Tribunal (NCLAT) was constituted under Section 410 of the businesses Act, 2013 for hearing appeals against the orders of National Company Law Tribunal(s) (NCLT).
Hon’ble Acting Chairperson -Justice Bansi Lal Bhat
CONSTITUTION
As per Section 410 of Companies Act, 2013 ,the Central Government shall, by notification, constitute, an Appellate Tribunal to be referred to as the National Company Law Appellate Tribunal consisting of a chairperson and such number of Judicial and Technical Members, not exceeding eleven, because the Central Government may deem fit, to be appointed by it by notification.
Qualifications of Chairperson and Members of Appellate Tribunal. (Section 411)
The chairperson shall be an individual who is or has been a Judge of the Supreme Court or the judge of a supreme court . A Judicial Member shall be an individual who is or has been a Judge of a supreme court or may be a Judicial Member of the Tribunal for five years.
A Technical Member shall be an individual of proven ability, integrity and standing having special knowledge and knowledge , of not but twenty-five years, in law, industrial finance, industrial engineering or administration, industrial reconstruction, investment, accountancy, labour matters, or such other disciplines associated with management, conduct of affairs, revival, rehabilitation and completing of companies.
Powers of NCLAT
It has the power to adjudicate proceedings which are:
• Initiated before the Company Law Board under the Companies Act 1956;
• Pending before the Board for Industrial and Financial Reconstruction;
• Pending before the Appellate Authority for Industrial and Financial Reconstruction;
• Pertaining to claims of oppression and mismanagement of a company, winding up of companies and all other powers prescribed under the Companies Act.
Jurisdiction of NCLAT
Dissatisfaction with Tribunal Orders :If a gaggle or a private is to be dissatisfied with the orders gone by the Tribunal Court it’s obvious to maneuver on to the next, only, option, that’s filing an appeal to the appeals court where the choices of NCLT are reviewed and checked from the purpose of law and facts. The appeals court decides cases supported the already collected evidence. If the outcome is not satisfactory even then, one should approach the Supreme Court.
Selection Committee Consisting (Section 412)
S.no.
Position
Selection Committee Consisting
i. Chairperson judge of India or his nominee
ii. Member A senior Judge of the Supreme Court or a judge of supreme court
iii. Member Secretary within the Ministry of Corporate Affairs
iv. Member Secretary within the Ministry of Law and Justice
v. Member Secretary within the Department of monetary Services within the Ministry of Finance
Terms (Section 413)
Tenure- President/ Judicial Member/ Technical Member Shall hold office for five year from the date of enter into office.
Re-appointment- President/ Judicial Member/ Technical Member Eligible for another term of 5 year.
Eligibility NCLT-
• In case of President shall hold office until he attains age of 67 years.
• In case of Member age atleast 50 year shall hold office until he attain age of 65 years
Eligibility NCLAT
• In case of President shall hold office until he attains age of 70 years.
• In case of Member age atleast 50 year shall hold office until he attain age of 67 years.
Resignation of members (Section 416)
The President, the Chairperson or any Member may, by notice in writing under his hand addressed to the Central Government, resign from his office:
Provided that the President, the Chairperson, or the Member shall still hold office until the expiry of three months from the date of receipt of such notice by the Central Government or until an individual duly appointed as his successor enters upon his office or until the expiry of his term of office, whichever is earliest.
Removal of Members (Section 417)
The Central Government may, after consultation with the judge of India, remove from office the President, Chairperson or any Member, who—
(a) has been adjudged an insolvent; or
(b) has been convicted of an offence which, in the opinion of the Central Government, involves moral turpitude; or
(c) has become physically or mentally incapable of acting as such President, the Chairperson, or Member; or
(d) has acquired such financial or other interest as is likely to affect prejudicially his functions as such President, the Chairperson or Member; or
(e) has so abused his position on render his continuance in office prejudicial to the general public interest.
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