What is the National Company Law Appellate Tribunal (NCLAT)?

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Overview:

The National Company Law Appellate Tribunal (NCLAT) recently granted three weeks’ time to the RBI to file its response to a plea by Adisri Commercial, the erstwhile promoter company of two insolvent Srei firms.

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.
  • The NCLAT was established to provide an efficient and specialized forum for addressing matters related to company law, insolvency, and competition law.
  • Objectives:
    • Hear appeals against the orders passed by NCLT(s) under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC).
    • Hear appeals against the orders passed by Insolvency and Bankruptcy Board of India under Section 202 and Section 211 of 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 is also the Appellate Tribunal to hear and dispose of appeals against the orders of the National Financial Reporting Authority.
  • HQ: New Delhi.
  • Composition:
    • It is composed of a chairperson and judicial and technical members.
    • These members are appointed by the Central Government based on their expertise and experience in relevant fields such as law, finance, accountancy, management, and administration.
  • Disposing of cases:
    • On the receipt of an appeal from an aggrieved person, the Appellate Tribunal would pass such orders, after giving an opportunity of being heard, as it considers fit, confirming, changing or setting aside the order that is appealed against.
    • The Appellate Tribunal is required to dispose of the appeal within a period of six months from the date of the receipt of the appeal.

 


Q1) What is the Competition Commission of India (CCI)?

The Competition Commission of India (CCI) is a statutory body established under the Competition Act, 2002 of India. It is responsible for promoting and ensuring fair competition in the Indian market and preventing anti-competitive practices that may harm consumers, other businesses, or the overall economy. The CCI plays a crucial role in maintaining a competitive business environment and safeguarding the interests of consumers and competitors.

Source: NCLAT grants 3 weeks to RBI for reply on Adisri plea against Srei firms’ resolution