About National Company Law Appellate Tribunal:
- It is a quasi-judicial body constituted under the Companies Act, 2013.
- It was established to hear appeals against the decisions of the National Company Law Tribunal (NCLT).
- Objectives: To promote timely corporate dispute resolution, ensure transparency, and improve efficiency in insolvency and corporate governance matters.
- Functions of NCLAT:
- It hears appeals against orders of the Insolvency and Bankruptcy Board of India (IBBI).
- It hears appeals against orders of the Competition Commission of India (CCI).
- It hears appeals related to the National Financial Reporting Authority (NFRA).
- It giving advisory opinions when legal issues are referred by the President of India
- Headquarters: New Delhi.
- Composition: It includes a Chairperson, along with Judicial and Technical Members, all appointed by the Central Government based on expertise in law, finance, accountancy, and administration.
- Powers and Procedure:
- NCLAT can regulate its own procedure and possesses powers equivalent to a civil court under the Civil Procedure Code, 1908.
- It can summon witnesses, receive affidavits, enforce production of documents, and issue commissions.
- Orders passed by NCLAT are enforceable like civil court decrees.
- Appeals against NCLAT orders can be filed in the Supreme Court of India.
- Civil courts have no jurisdiction over matters within the purview of NCLAT.
- No court or authority can grant injunctions against any action taken by NCLAT under its legal authority.
- Timely disposal: NCLAT is required to dispose of appeals within six months from the date of receipt to ensure swift resolution.
