Title : National Creditors' Litigation Tribunal (NCLT)

Date : Jan 17, 2022

Description :

GS II

 

Topic à Statutory and Non-Statutory Bodies

 

• About:

 

• The Companies Act of 2013 was used to form the company.

 

• Functions:

 

• It hears appeals from the following orders:
•  
• The National Creditors' Litigation Tribunal (NCLT) was established in 2016 under Section 61 of the Insolvency and Bankruptcy Code (IBC).
• Sections 202 and 211 of the Insolvency and Bankruptcy Code (IBC) are used by the Insolvency and Bankruptcy Board of India.
• India's Competition Commission (CCI).

 

• Composition:

 

• After consultation with the Chief Justice of India, the President of the Tribunal, as well as the chairperson and judicial members of the Appellate Tribunal, will be chosen.

 

• The Tribunal Members and Technical Members will be nominated based on the recommendations of a Selection Committee that includes:

 

• Chairman: Chief Justice of India or his nominee.
• Member: a senior Supreme Court judge or a Chief Justice of the High Court.
• Member of the Ministry of Corporate Affairs' Secretariat.
• Member of the Ministry of Law and Justice's Secretary.
• Member of the Ministry of Finance's Department of Financial Services Secretary.

 

• Eligibility:

 

• Chairperson — Must be or have been a Supreme Court judge or the Chief Justice of the High Court.
• Judicial Member - Is or has been a High Court judge or a judicial member of a tribunal for at least 5 years.
• Technical member– A person of demonstrated skill, honesty, and standing who has at least 25 years of special knowledge and expertise (in specified areas).

 

• Term:

 

• The chairperson and members have a 5-year term of office and can be reappointed for another 5-year term.

 

• Source à The Hindu

Tags : company law, law tribunal