National Company Law Tribunal Explained

The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies.[1] The tribunal, established under the Companies Act 2013, was constituted on 1 June 2016 by the government of India and is based on the recommendation of the V. Balakrishna Eradi committee on law relating to the insolvency and the winding up of companies.[2]

National Company Law Tribunal
Native Name A:राष्ट्रीय कंपनी विधि अधिकरण
Type:Quasi-judicial body
Jurisdiction:Government of India
Parent Department:Ministry of Corporate Affairs
Website:https://nclt.gov.in/

All proceedings under the Companies Act, including proceedings relating to arbitration, compromise, arrangements, reconstructions and winding up of companies, are to be before the National Company Law Tribunal (NCLT). The NCLT bench is chaired by a Judicial member, who is to be a serving or retired High Court Judge, and a Technical member, who must be from the Indian Corporate Law Service (ICLS) cadre.

The National Company Law Tribunal is the adjudicating authority for the insolvency resolution process of companies and limited liability partnerships under the Insolvency and Bankruptcy Code, 2016.

No criminal court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which the Tribunal or the Appellate Tribunal is empowered to determine by or under this Act or any other law for the time being in force and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act or any other law for the time being in force, by the Tribunal or the Appellate Tribunal.

The tribunal has sixteen benches, six at New Delhi (one being the principal bench) and two at Ahmedabad, one at Prayagraj, one at Bengaluru, one at Chandigarh, two at Chennai, one at Cuttack, one at Guwahati, three at Hyderabad of which one is at Amaravathi,[3] one at Jaipur, one at Kochi, two at Kolkata and five at Mumbai.[4] Of the two new benches approved to be set up, one each in Indore[5] and Amaravathi, the Indore bench is yet to be notified. Except the Bench at Amaravati, all the benches have been notified as division benches. Justice R. Sudhakar, a retired Chief Justice of Manipur High Court has been appointed as president of the tribunal since 1 November 2021.[1]

The National Company Law Tribunal has the power under the Companies Act to adjudicate proceedings:

  1. Initiated before the Company Law Board under the previous act (the Companies Act 1956);
  2. Pending before the Board for Industrial and Financial Reconstruction, including those pending under the Sick Industrial Companies (Special Provisions) Act, 1985;
  3. Pending before the Appellate Authority for Industrial and Financial Reconstruction; and
  4. Pertaining to claims of oppression and mismanagement of a company, winding up of companies and all other powers prescribed under the Companies Act.

List of present members

Following is the list of Hon'ble President and Sitting Members:[6]

!Sr.No!Name!Designation!Date of Joining!NCLT Bench
1Chief Justice (Retd) Ramalingam SudhakarPresident01-11-2021Principal Bench
2Shyam Babu GautamMember03-07-2019Kochi
3Patibandla Satyanarayana PrasadMember04-07-2019Chandigarh
4Venkata Subba Rao HariMember04-07-2019Guwahati
5Laxmi Narayan GuptaMember04-07-2019New Delhi
6Satya Ranjan PrasadMember24-07-2019Guwahati
7Deep Chandra JoshiMember13-09-2021Jaipur
8Rahul Prasad BhatnagarMember13-09-2021New Delhi
9Avinash K SrivastavaMember13-09-2021New Delhi
10Anuradha Sanjay BhatiaMember13-09-2021Amravati
11Rohit KapoorMember14-09-2021Kolkatta
12P Mohan Raj Member15-09-2021Cuttack
13Harnam Singh ThakurMember16-09-2021Chandigarh
14Balraj JoshiMember16-09-2021Kolkatta
15Manoj Kumar DubeyMember16-09-2021Bengaluru
16Subrata Kumar DashMember20-09-2021Chandigarh
17Kaushelndra Kumar SinghMember01-10-2021Indore
18Dr V R Badrinath NandulaMember04-10-2021Hyderabad
19Sameer KakarMember09-10-2021Ahmedabad
20Bacchu Venkat Balaram DasMember18-10-2021New Delhi
21Kishore VemulapalliMember06-12-2021Mumbai
22Kuldip Kumar KareerMember18-11-2022Mumbai
23Praveen Kumar GuptaMember18-11-2022Allahabad
24Ashok Kumar BhardwajMember18-11-2022New Delhi
25Bidisha BanerjeeMember18-11-2022Kolkatta
26Charan SinghMember18-11-2022Hyderabad
27Anu Jagmohan SinghMember18-11-2022Mumbai
28Ashish Kumar VermaMember18-11-2022Allahabad
29Atul ChaturvediMember18-11-2022New Delhi
30Prabhat KumarMember18-11-2022Mumbai
31T Krishna ValliMember22-11-2022Kochi
32Madhu SinhaMember09-12-2022Mumbai
33Sanjiv JainMember04-01-2023Chennai
34Mahendra KhandelwalMember18-01-2023New Delhi
35Shammi KhanMember20-02-2023Ahmedabad
36Virendrasingh Gyansingh BishtMember19-07-2023Mumbai
37Lakshmi GurungMember19-07-2023Mumbai
38Reeta KohliMember19-07-2023Mumbai
39Rajeev BhardwajMember19-07-2023Hyderabad
40Manni Sankariah Shanmuga SundaramMember19-07-2023New Delhi
41Chitra Ram HankareMember19-07-2023Ahmedabad
42Rajeev MehrotraMember19-07-2023Jaipur
43Sanjiv DuttMember19-07-2023Mumbai
44Sanjay PuriMember19-07-2023Hyderabad
45Umesh Kumar ShuklaMember19-07-2023Chandigarh
46Arvind DevanathanMember19-07-2023Kolkatta
47Ravichandran RamasamyMember19-07-2023Chennai
48Venkataraman SubramaniamMember19-07-2023Chennai
49Velamur Govindan Venkata ChalapathyMember19-07-2023Ahmedabad
50Anil Raj ChellanMember19-07-2023Mumbai
51Charanjeet Singh Gulati Member19-07-2023Mumbai
52K R Saji KumarMember01-08-2023Mumbai
53Sanjeev RanjanMember18-09-2023New Delhi
54Jyoti Kumar TripathiMember11-10-2023[7] Chennai
55K. BiswalMemberBengaluru

Appeals

Decisions of the tribunal may be appealed to the National Company Law Appellate Tribunal, the decisions of which may further be appealed to the Supreme Court of India on a point of law. The Supreme Court of India has upheld the Insolvency and Bankruptcy Code in its entirety.[8]

Notes and References

  1. Web site: 30 November 2023 . Hon'ble President of National Company Law Tribunal . National Company Law Tribunal.
  2. Web site: Organisation | NCLT. 20 March 2018. https://web.archive.org/web/20180321063535/https://nclt.gov.in/content/organisation. 21 March 2018. dead.
  3. Web site: Archived copy . 27 July 2019 . 27 August 2019 . https://web.archive.org/web/20190827170759/http://nclt.gov.in/sites/default/files/All-PDF/Constitution%20of%20Benches%20at%20All%20NCLT%20Locations.pdf . dead .
  4. Web site: The National Company Law Appellate Tribunal and the National Company Law Appellate Tribunal Constituted. Trilegal. 13 June 2016. 13 August 2018. https://web.archive.org/web/20180813044758/https://www.trilegal.com/index.php/publications/update/the-national-company-law-tribunal-and-the-national-company-law-appellate-tr. dead.
  5. News: NCLT benches to be set up at Amaravati, Indore. 2019-03-08. The Economic Times. 2019-04-27.
  6. Web site: Profile of Hon'ble President and Sitting Members National Company Law Tribunal . 2023-12-01 . nclt.gov.in.
  7. Web site: Reconstituted of Bench at NCLT Chennai- Court No. II- order dated 11.10.2023.pdf . 2 December 2023.
  8. Web site: IBC: Supreme Court Upholds Insolvency And Bankruptcy Code In Its Entirety. BloombergQuint. 2019-02-05.

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