NCLAT National Company Law Appellate Tribunal Advocate Lawyers

NCLAT National Company Law Appellate Tribunal Advocate Lawyers

The National Company Law Appellate Tribunal (NCLAT) is a quasi-judicial body established under the Companies Act, 2013 to hear appeals against the orders passed by the National Company Law Tribunal (NCLT). The NCLAT was constituted on June 1, 2016, and has its headquarters in New Delhi. It is an appellate body that has the power to hear appeals against orders passed by the NCLT, the Competition Commission of India (CCI), and the Insolvency and Bankruptcy Board of India (IBBI).

The NCLAT comprises a Chairperson and other Members appointed by the Central Government. The Chairperson and Members of the NCLAT are selected based on their experience and knowledge in the field of law, finance, economics, accountancy, management, or administration. The NCLAT has two benches, one in New Delhi and the other in Chennai, to hear appeals from across the country.

The NCLAT has jurisdiction to hear appeals against orders passed by the NCLT under various provisions of the Companies Act, 2013, including orders related to insolvency and bankruptcy, mergers and acquisitions, and class action suits. The NCLAT also has the power to hear appeals against orders passed by the CCI under the Competition Act, 2002, and orders passed by the IBBI under the Insolvency and Bankruptcy Code, 2016.

One of the most significant functions of the NCLAT is to hear appeals against orders passed by the NCLT in insolvency and bankruptcy cases. The NCLAT has the power to hear appeals against orders related to the initiation of insolvency proceedings, the appointment of Insolvency Resolution Professionals (IRP), the approval of resolution plans, and the liquidation of companies. The NCLAT has been instrumental in providing an efficient and transparent dispute resolution mechanism for companies in insolvency proceedings.

The NCLAT also plays a crucial role in promoting corporate governance in India by providing an appellate mechanism for companies and their stakeholders to challenge orders passed by the NCLT. This mechanism ensures that the decisions of the NCLT are fair, just, and in compliance with the provisions of the Companies Act, 2013.

In addition to its powers under the Companies Act, 2013, the NCLAT has been given certain powers under other legislation such as the Competition Act, 2002 and the Insolvency and Bankruptcy Code, 2016. The NCLAT has the power to hear appeals against orders passed by the CCI related to anti-competitive practices and mergers and acquisitions. It also has the power to hear appeals against orders passed by the IBBI related to insolvency and bankruptcy proceedings.

In conclusion, the NCLAT is a crucial institution in the Indian corporate governance system. Its jurisdiction to hear appeals against orders passed by the NCLT, CCI, and IBBI ensures an efficient and transparent dispute resolution mechanism for companies and their stakeholders. The NCLAT has been instrumental in promoting investor confidence in the Indian corporate sector by providing an appellate mechanism to challenge orders passed by the NCLT.