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Question
Explain the following term/ concept:
National Company Law Tribunal (NCLT).
Solution
(1) National Company Law Tribunal (NCLT) is a quasi-judicial body established in June 2016 by the Central Government to grant approvals and decide civil disputes under the provisions of the Companies Act. 2013. NCLT operates through ‘Benches' consisting of 2 members, i.e. a judicial member and a technical member. At present there are as many as 15 benches and the principal Bench is functioning at New Delhi. Some more benches are being created.
(2) NCLT is required to decide and dispose off every application or petition within 3 months from the date of receiving the application or petition. NCLT is required to give a reasonable opportunity to both parties to explain their views to justify their case and then it has to give a decision and pass its order. Any party aggrieved by an order of the N CLT may within 45 days from date of receiving a copy of the order, file an appeal to the National Company Law Appellate Tribunal (NCLAT).
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RELATED QUESTIONS
Select the correct answer from the options given below and rewrite the statement.
________ is the Quasi judicial body set up by Central Government to grant certain approval and deicide disputes under the provisions of Companies Act.
Match the pairs:
| Group ‘A’ | Group ‘B’ | ||
| a) | Administration of Companies Act, 2013 | 1) | SEBI |
| b) | ROC | 2) | Hears appeals against orders of NCLT |
| c) | NCLAT | 3) | NCLT |
| d) | Regulator of Securities Market | 4) | Incorporation of companies |
| e) | Quasi-judicial body | 5) | MCA |
| 6) | Board of directors | ||
| 7) | Companies Act 2013 | ||
| 8) | Regional Director | ||
| 9) | Chennai | ||
| 10) | Liquidator |
Write a word or a term or a phase which can substitute for the following:
Authority that handles corporate civil disputes in India.
State whether the statement is true or false:
NCLT has jurisdiction over proceedings on matters of disputes arising under Companies Act.
Complete the sentence.
The authority which handles corporate civil disputes is called as ___________.
Answer in brief:
State the powers of NCLT.
Justify the following statement:
The central government has empowered NCLT with certain powers
Attempt the following:
Write a letter to NCLT seeking an extension of the time of reply public deposits.
