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Posted : Wednesday, June 1, 2016
The government on Wednesday constituted the National Company Law Tribunal (NCLT) and its appellate body, implementing most of the provisions of new Companies Act and helping implementation of the Bankruptcy Code. With this, the Company Law Board (CLB), constituted under the old Act, stands dissolved.
Retired judge M M Kumar would be the president of NCLT and retired judge
S J Mukhopadhaya would take over as chairman of National Company Law
Appellate Tribunal.
Initially, NCLT will have 11 benches - two at New Delhi and one each at
Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati,
Hyderabad, Kolkata and Mumbai.
According to the provisions of the Companies Act, 2013, NCLT will not
only replace CLB, but also handle various cases of companies currently
with the high courts, the Board for Industrial and Financial
Reconstruction, and the Appellate Authority for Industrial and Financial
Reconstruction.
In total, it will have 63 members and 21 benches.
NCLT and Debt Recovery Tribunal (DRT)
will be the adjudicating agencies for the recently-passed Bankruptcy
Code. While NCLT will resolve insolvency cases of companies and limited
liability partnerships, DRT will handle cases of individual bankruptcy.
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