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NCLT gets all clear from Supreme Court

NCLT gets all clear from Supreme Court

The decks have been cleared and NCLT is all set to formed.

The Supreme Court has upheld the constitutional validity of the National Company Law Tribunal, clearing the way for a significant reform in the framework for resolving corporate insolvency.
The National Company Law Tribunal (NCLT) will replace the Company Law Board and the Board for Industrial and Financial Reconstruction overarching body for resolving insolvencies.

NCLT gets all clear from Supreme Court and it will subsume the following bodies:

Company Law Board (CLB),
Official Liquidator (OL),
Board for Industrial & Financial Reconstruction (BIFR), and
the Appellate Authority for Industrial and Financial Reconstruction (AAIFR).

The Supreme Court has asked the government to make certain amendments in the Companies Act 2013 related to selection and eligibility criteria for National Company Law Tribunal (NCLT) members to operationalise it.

The judgement provides that, only those officers who have held the post of additional secretary or a higher rank will be eligible for appointment to the NCLT benches. The Companies Act had allowed officers at the level of joint secretary or higher to be appointed to such benches.

With the Supreme Court’s approval for NCLT, the government will also be able to bring in the proposed bankruptcy code which will have NCLT as its main component.

 NCLT gets all clear from Supreme Court hope you have got all information regarding this topic.

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