National Company Law Tribunal:
The Supreme Court has taken suo motu cognisance of delays by National Company Law Tribunal (NCLT) benches in approving resolution plans under the Insolvency and Bankruptcy Code (IBC).
- It is a quasi-judicial authority incorporated for dealing with corporate disputes that are of civil nature arising under the Companies Act, 2013.
- It was constituted on 1 June 2016 under the Companies Act, 2013.
- It was established based on the recommendation of the Balakrishna Eradi committee on law relating to the insolvency and the winding up of companies.
- It shall consist of a President and such number of Judicial and Technical Members as may be required.
- Decisions of the tribunal may be appealed to the National Company Law Appellate Tribunal, the decisions of which may further be appealed to the Supreme Court of India on a point of law.
- Powers of National Company Law Tribunal
- It is guided by the principles of natural justice, subject to the other provisions of this Act and of any rules that are made by the Central Government.
- It can enforce any order that it gives in the same manner as a court would enforce it.
- It has the power to scrutinize its own orders.
- It has the power to regulate their own procedure.
- It is the adjudicating authority for the insolvency resolution process of companies and limited liability partnerships under the Insolvency and Bankruptcy Code, 2016.
