ii. National Company Law Tribunal
The National Company Law Tribunal (NCLT) was established by the Central Government by section 408 of the 2013 Companies Act.
The National Company Law Tribunal (NCLT) is a quasi-judicial organization that handles equitable jurisdiction that was formerly handled by the Central Government or the High Court. The Tribunal has the authority to control how it conducts itself.
The following authorities’ corporate jurisdiction is consolidated with the creation of the National Company Law Tribunal (NCLT):
- Company Law Board
- Board for Industrial and Financial Reconstruction.
- The Appellate Authority for Industrial and Financial Reconstruction
- Jurisdiction and powers relating to winding up restructuring and other such provisions are vested in the High Courts.
The Ministry of Corporate Affairs has established eleven benches, including one principal bench, in the initial phase. The President, 16 judicial members, and 9 technical members will serve as the chairs of these benches, which will be located in various places.