National Company Law Appellate Tribunal

About National Company Law Appellate Tribunal (NCLAT):

• It was constituted under Section 410 of the Companies Act, 2013 for hearing appeals against the orders of the National Company Law Tribunal(s) (NCLT), with effect from 1st June 2016.
• Functions:
  • Hearing appeals against the orders passed by NCLT(s) under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC).
  • To hear and dispose of appeals against any direction issued or decision made or order passed by the Competition Commission of India (CCI).
  • It also hears and disposes of appeals against the orders of the National Financial Reporting Authority.

Key facts about the Competition Commission of India (CCI) 

• The Competition Commission of India (CCI) was established in March 2009 by the Government of India under the Competition Act, 2002 for the administration, implementation, and enforcement of the Act.
• It is a quasi-judicial body which gives opinions to statutory authorities and also deals with other cases.
• Composition of the CCI
  • The Commission consists of one Chairperson and six Members who shall be appointed by the Central Government.
  • The Chairperson and other Members shall be whole-time Members
• Objectives of this commission:
  • It will eliminate practices having adverse effects on competition.
  • To Promote and sustain competition.
  • It helps in protecting the interests of consumers.
  • Ensuring freedom of trade in the markets of India.

 

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Q1) What is the aim of IBC?

It aims to reorganise and resolve the insolvency of corporations, individuals, and partnerships in a time-bound manner.

Source: NCLAT upholds penalty on Google; sets aside certain directions issued by CCI