Published on: October 31, 2021
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
What is in news : Justice Ashok Bhushan is appointed as the full-time chairperson of the National Company Law Appellate Tribunal (NCLAT)
- National Company Law Appellate Tribunal (NCLAT) was constituted under Section 410 of the Companies Act, 2013
- 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).
- 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.