What is in news : Justice Ashok Bhushan is appointed as the full-time chairperson of the National Company Law Appellate Tribunal (NCLAT)

About NCLAT

• National Company Law Appellate Tribunal (NCLAT) was constituted under Section 410 of the Companies Act, 2013

Functions:

• Hears appeals against the orders of National Company Law Tribunal(s) (NCLT), with effect from 1st June, 2016.
• Appellate Tribunal
  • for hearing appeals against the orders passed by NCLT(s) under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC).
  • for hearing appeals against the orders passed by Insolvency and Bankruptcy Board of India under Section 202 and Section 211 of IBC.
  • hear and dispose of appeals against any direction issued or decision made or order passed by the Competition Commission of India (CCI).
• Composition:
  • The President of the Tribunal and the chairperson and Judicial Members of the Appellate Tribunal shall be appointed after consultation with the Chief Justice of India.
  • The Members of the Tribunal and the Technical Members of the Appellate Tribunal shall be appointed on the recommendation of a Selection Committee consisting of:
    • Chief Justice of India or his nominee—Chairperson.
    • A senior Judge of the Supreme Court or a Chief Justice of High Court— Member.
    • Secretary in the Ministry of Corporate Affairs—Member.
    • Secretary in the Ministry of Law and Justice—Member.
    • Secretary in the Department of Financial Services in the Ministry of Finance— Member.