[DEC]National Company Law Appellate Tribunal (NCLAT)

Question 1

By which law?

Answer 1

Companies Act, 2013 -> Section 410

Question 2

Functions:

Answer 2

It hears appeals against the orders of National Company Law Tribunal(s) (NCLT), with effect from 1st June, 2016. (Mhanun tar NCLAT chya navat appellate ahe)

It is the Appellate Tribunal for hearing appeals against the orders passed by

1. NCLT(s) under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC).
2. Insolvency and Bankruptcy Board of India under Section 202 and Section 211 of IBC.
3. the Competition Commission of India (CCI).

[NCLT ; IB BOARD ; CCI NE PASS KELELYA ORDERS AGAINST APPEAL ITHE KARTAT]

Question 3

Composition:

Answer 3

-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.
[PREZ OF TRIBUNAL + CHAIRPERSON + JUDI.MEM. APPOINTED AFTER CONSULTING WITH CJI]

-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.
[Secretary in the Ministry of Corporate Affairs ; Law & justice ; Finance Ministry-Member]

[SELECTION COMMITTEE TO APPOINT TECHNICAL MEMBERS HAS -> CJI/NOMINEE ; SENIOR SC JUDGE OR HC CJ ; SECRETARY OF CORPORATE AFFAIRS & LAW & JUSTICE MINISTRY & FINANCE MINISTRY

Question 4

Eligibility?

Answer 4

1.Chairperson – sitting/retired judge of the Supreme Court or should be/been Chief
Justice of the High Court.
[KARAN COMPANY LAW CHA ISSUE AHE -> MHANUN LAW CHYA FIELD MADHLA MANUS]

2. Judicial Member – sitting/retired judge of a High Court or is a judicial member of a
   tribunal for 5 years or more.
3. Technical member– Person with proven ability, integrity and standing having special knowledge and experience of 25 years or more (in specified areas).

[INTEGRITY + 25+ YRS EXPERIENCE]

Question 5

tenure of members & chairpersons?

Answer 5

5 years & can be asked for additional 5 years