National Company Law Tribunal (NCLT)
Why is it in News?
The appointment committee of Cabinet has given nod for the appointment of 32 members to the NCLT.
- NCLT is the outcome of the Justice Eradi Committee.
- The NCLT was established under the Companies Act 2013 and constituted in 2016.
- It is a quasi judicial body that adjudicates the issues related to Indian companies.
- All proceedings under the Companies Act, including proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of companies and issues related to Insolvency and Bankruptcy Code, 2016 is being dealt by the National Company Law Tribunal.
National Company Law Appellate Tribunal (NCLAT):
- The NCLAT was established under the Companies Act 2013 to hear the appeals against the order of NCLT and is functional since 2016.
- NCLAT is also the Appellate Tribunal for hearing appeals against the orders passed by Insolvency and Bankruptcy Board of India (IBBI) and by Competition Commission of India (CCI).
Source: TH, IE