The Ministry of Corporate Affairs (“MCA”) has issued notification for constitution of the National Company Law Tribunal (“NCLT”) and National Company Law Appellate Tribunal (“NCLAT”) with effect from 01 June 2016. Hon’ble Justice S.J. Mukhopadhaya, Judge (Retd.), Supreme Court of India has joined as the Chairperson of the NCLAT and Hon’ble Justice M.M.Kumar, Judge (Retd.) has joined as the President of the NCLT.
Initially, NCLT will have eleven Benches, two at New Delhi and one each at Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai.
With the constitution of the NCLT, the Company Law Board (“CLB”) constituted under the Companies Act, 1956 stands dissolved. NCLT will not only replace CLB, but also handle certain other matters such as winding-up, compromise and arrangements, cases pertaining to revival and rehabilitation of sick companies, which are currently with the High Courts, the Board for Industrial and Financial Reconstruction (“BIFR”), and the Appellate Authority for Industrial and Financial Reconstruction (“AIFR”).
Further, while the NCLT has been constituted, the Rules for the transition of the current cases with CLB, High Court, BIFR and AIFR/ acceptance of fresh applications and functioning of the NCLT are yet to be notified. We are awaiting more clarity in this regard.
To read the news released by the Press Information Bureau, Government of India, please visit the below link: http://pib.nic.in/newsite/PrintRelease.aspx?relid=145890