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National Company Law Tribunal
He further says that bankruptcy laws are very strict in the US and Mallya-type of instances cannot take place there. If the law is implemented sincerely, it is not going to happen here also.The NCLT was constituted in August, replacing the Company Law Board (CLB). Under the Companies Act, 2013, NCLT and its
A sincere implementation’ of laws including those dealing with insolvency and bankruptcy will ensure that there is no repetition of 2G and Satyam-like scams in India, says National Company Law Tribunal (NCLT) President Justice M M Kumar.
He further says that bankruptcy laws are very strict in the US and Mallya-type of instances cannot take place there. If the law is implemented sincerely, it is not going to happen here also.The NCLT was constituted in August, replacing the Company Law Board (CLB). Under the Companies Act, 2013, NCLT and its appellate tribunal were notified by the Corporate Affairs Ministry on June 1. NCLT has powers to delegate inquiry related to proceedings before it, securing assistance of a magistrate or collector to take possession of property.
In the first phase, the Ministry of Corporate Affairs have set up eleven Benches, one Principal Bench at New Delhi and one each Regional Benches at New Delhi, Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guahati, Hyderabad, Kolkata and Mumbai. These Benches will be headed by the President and 16 Judicial Members and 9 Technical Members at different locations. In total, NCLT will have 63 members and 21 benches.
NCLT has the power under the Companies Act to adjudicate proceedings: 1.initiated before the Company Law Board under the previous act (the Companies Act 1956); 2.pending before the Board for Industrial and Financial Reconstruction, including those pending under the Sick Industrial Companies (Special Provisions) Act 1985; 3.pending before the Appellate Authority for Industrial and Financial Reconstruction; and 4. pertaining to claims of oppression and mismanagement of a company, winding up of companies and all other powers prescribed under the Companies Act.
The Decisions of the NCLT may be appealed to the National Company Law Appellate Tribunal. NCLT and While NCLT will resolve insolvency cases of companies and limited liability partnerships, Debt Recovery Tribunal (DRT) will handle cases of individual bankruptcy.
NCLT subsumes the corporate jurisdiction of the CLB; Board of Industrial and Financial Reconstruction; Appellate Authority for Industrial and Financial Reconstruction and; Jurisdiction and powers relating to winding up, restructuring and other such provisions, currently vested in the High Courts. Shareholders and creditors can now file class action suits against a company for breaching the provisions of the Act.
