{"id":50541,"date":"2016-06-04T14:01:10","date_gmt":"2016-06-04T08:31:10","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=50541"},"modified":"2016-06-04T14:01:10","modified_gmt":"2016-06-04T08:31:10","slug":"national-company-law-tribunal-constituted-new-perspectives-for-dispute-resolution","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/06\/04\/national-company-law-tribunal-constituted-new-perspectives-for-dispute-resolution\/","title":{"rendered":"National Company Law Tribunal Constituted \u2013 New Perspectives for Dispute Resolution"},"content":{"rendered":"<p style=\"text-align: justify;\">The Ministry of Corporate Affairs (MCA) <em>vide<\/em> a notification dated 1 June 2016 has constituted the National Company Law Tribunal (NCLT) and its appellate authority, the National Company Law Appellate Tribunal (NCLAT) with effect from such date.<\/p>\n<p style=\"text-align: justify;\">The principal bench of the NCLT is to be located at New Delhi, with ten other benches at New Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Chandigarh, Allahabad, Ahmedabad, Hyderabad and Guwahati. Justice S.J. Mukhopadhyay, a retired judge of the Supreme Court of India has been appointed as Chairperson of the NCLAT and Justice M.M. Kumar, a retired judge of the Punjab and Haryana High Court has been appointed as President of the NCLT.<\/p>\n<p style=\"text-align: justify;\"><strong>Newly notified provisions<\/strong><\/p>\n<p style=\"text-align: justify;\">Accompanying the constitution of the NCLT and NCLAT, the MCA has notified, <em>inter alia<\/em>, the following provisions of the Companies Act, 2013 (2013 Act):<\/p>\n<p style=\"text-align: justify;\">\n<table style=\"height: 842px;\" width=\"823\">\n<tbody>\n<tr>\n<td width=\"186\"><strong>Section<\/strong><\/td>\n<td width=\"262\"><strong>Particulars<\/strong><\/td>\n<td width=\"256\"><strong>Corresponding Provision under the Companies Act, 1956<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"186\">241<\/td>\n<td width=\"262\">Application to NCLT for relief in cases of oppression<\/p>\n<p>&nbsp;<\/td>\n<td width=\"256\">397, 398<\/td>\n<\/tr>\n<tr>\n<td width=\"186\">242 (except sub-section 1(b) and 2(c) &amp; (g))<\/p>\n<p>&nbsp;<\/td>\n<td width=\"262\">Powers of NCLT in relation to an application under Section 241<\/td>\n<td width=\"256\">402<\/td>\n<\/tr>\n<tr>\n<td width=\"186\">243<\/td>\n<td width=\"262\">Consequence of termination or modification of certain agreements in pursuance of an order under Section 242<\/p>\n<p>&nbsp;<\/td>\n<td width=\"256\">407<\/td>\n<\/tr>\n<tr>\n<td width=\"186\">244<\/td>\n<td width=\"262\">Right to apply under Section 241<\/p>\n<p>&nbsp;<\/td>\n<td width=\"256\">399<\/td>\n<\/tr>\n<tr>\n<td width=\"186\">245<\/td>\n<td width=\"262\">Class action proceedings<\/p>\n<p>&nbsp;<\/td>\n<td width=\"256\">N.A.<\/td>\n<\/tr>\n<tr>\n<td width=\"186\">434(1) (a) &amp; (b) and (2)<\/td>\n<td width=\"262\">Transfer of pending CLB proceedings<\/p>\n<p>&nbsp;<\/td>\n<td width=\"256\">647A<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\"><strong>Dissolution of the Company Law Board<\/strong><\/p>\n<p style=\"text-align: justify;\">The constitution of the NCLT\/NCLAT has resulted in the dissolution of the Company Law Board (CLB) established under the Companies Act, 1956, with all pending matters before the CLB being transferred to the NCLT. Therefore, all disputes (including those relating to oppression and mismanagement) which were to be adjudicated upon by the CLB, will now be adjudicated by the NCLT. Further, going forward, both pending matters and fresh applications will be dealt with in accordance with the provisions of the 2013 Act.<\/p>\n<p style=\"text-align: justify;\">However, the 2013 Act carries a saving provision for any decision or order of the CLB that has already been rendered. The appeal against such orders shall continue to lie with the relevant High Court (subject to the applicable timelines), and not the NCLAT.<\/p>\n<p style=\"text-align: justify;\"><strong>Phased introduction<\/strong><\/p>\n<p style=\"text-align: justify;\">It may be noted that despite the constitution of the NCLT and NCLAT, the MCA has desisted from notifying the provisions relating to (i) compromises, arrangements and amalgamations; (ii) revival and rehabilitation of sick companies; and (iii) winding up of companies. The objective may be to transfer matters to the NCLT\/NCLAT in a gradual manner, so as to give these new adjudicatory bodies adequate leeway to tackle any teething problems.<\/p>\n<p style=\"text-align: justify;\">Further, the impending notification of the Insolvency and Bankruptcy Code, 2016 (IBC) will also have an impact on the legislative framework, with the IBC providing for the repeal of the 2013 Act provisions relating to revival and rehabilitation of sick companies and undertaking substantial amendments to those relating to the winding up of companies.<\/p>\n<p style=\"text-align: justify;\"><strong><em>Comment<\/em><\/strong><\/p>\n<p style=\"text-align: justify;\">Presently, the scope of the NCLT\/NCLAT would remain limited to adjudicating disputes that would have otherwise been filed before the CLB, such as those pertaining to, inter alia, oppression and mismanagement matters. The eventual effect of the constitution of the NCLT\/NCLAT will be to subsume the company jurisdiction of the High Courts.<\/p>\n<p style=\"text-align: justify;\"><em><strong>Note by Khaitan &amp; Co, Advocates since 1911. For more information contact <\/strong><a href=\"mailto:editors@khaitanco.com\"><strong>editors@khaitanco.com<\/strong><\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Corporate Affairs (MCA) vide a notification dated 1 June 2016 has constituted the National Company Law Tribunal (NCLT) and <\/p>\n","protected":false},"author":3,"featured_media":28141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-50541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>National Company Law Tribunal Constituted \u2013 New Perspectives for Dispute 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Company Law Appellate Tribunal (NCLAT) constituted","author":"Sucheta","date":"June 3, 2016","format":false,"excerpt":"The Ministry of Corporate Affairs has issued notification for constitution of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) with effect from today i.e. 1st June, 2016. Hon\u2019ble Justice S.J. Mukhopadhaya, Judge (Retd.), Supreme Court has joined as the Chairperson of the NCLAT and Hon\u2019ble\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/Press-Information-Bureau.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/Press-Information-Bureau.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/Press-Information-Bureau.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/Press-Information-Bureau.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/Press-Information-Bureau.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":209399,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/04\/nclat-parties-may-settle-the-claim-in-interregnum-of-filing-of-application-under-s-7-ibc-and-constitution-of-committee-of-creditors\/","url_meta":{"origin":50541,"position":1},"title":"NCLAT | Parties may settle the claim in interregnum of filing of application under S. 7 IBC and constitution of Committee of Creditors","author":"Bhumika Indulia","date":"February 4, 2019","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): The Bench of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial) allowed an appeal filed against the order of National Company Law Tribunal (New Delhi) whereby it had admitted respondent's\u00a0application under Section 7 of the Insolvency and Bankruptcy Code, 2016 and\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":222747,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/02\/government-to-set-up-national-company-law-appellate-tribunal-bench-in-chennai\/","url_meta":{"origin":50541,"position":2},"title":"Government to set up National Company Law Appellate Tribunal Bench in Chennai","author":"Bhumika Indulia","date":"December 2, 2019","format":false,"excerpt":"In pursuance of the judgment of Hon\u2019ble Supreme Court, the Government has decided to set up a bench of National Company Law Appellate Tribunal (NCLAT) at Chennai. This was stated by Shri Anurag Singh Thakur, Union Minister for State for Finance & Corporate Affairs, in a written reply to a\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":219804,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/21\/nclat-nclt-new-delhi-in-terms-of-s-601-ibc-held-to-have-jurisdiction-in-s-7-application-against-corporate-debtor-having-properties-in-up\/","url_meta":{"origin":50541,"position":3},"title":"NCLAT | NCLT, New Delhi in terms of S. 60(1) IBC, held to have jurisdiction in S. 7 application against Corporate Debtor having properties in UP","author":"Bhumika Indulia","date":"September 21, 2019","format":false,"excerpt":"National Company Appellate Tribunal (NCLAT):\u00a0A Bench of Justice S.J. Mukhopadhaya (Chairperson); Justice A.I.S Cheema, Member (Judicial) and Kanthi Narahari, Member (Technical) dismissed an appeal filed by the appellant-Director of Corporate Debtor against the order of the National Company Law Appellate Tribunal (New Delhi) whereby it had admitted the application filed\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":249047,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/01\/nclt-nclat-vacancies-39-members-for-a-sanctioned-strength-of-63-supreme-court-asks-centre-to-complete-reappointment-process-within-2-months\/","url_meta":{"origin":50541,"position":4},"title":"NCLT\/NCLAT vacancies| 39 members for a sanctioned strength of 63! Supreme Court asks Centre to complete reappointment process within 2 months","author":"Prachi Bhardwaj","date":"June 1, 2021","format":false,"excerpt":"Supreme Court: Taking note of the depleting strength of the members of the NCLT and NCLAT, the 3-judge bench of L. Nageswara Rao, Hemant Gupta and S. Ravindra Bhat, JJ has issued certain directions and has asked the Government to complete the reappointment process \u201cat the earliest and not later\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-3-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-3-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-3-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-3-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-3-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":203934,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/10\/18\/nclt-not-to-entertain-application-under-section-9-ib-code-before-expiry-of-10-days-from-date-of-giving-notice-under-section-81-nclat\/","url_meta":{"origin":50541,"position":5},"title":"NCLT not to entertain application under Section 9 I&#038;B Code before expiry of 10 days from date of giving notice under Section 8(1): NCLAT","author":"Bhumika Indulia","date":"October 18, 2018","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial) allowed an appeal filed against an order of National Company Law Tribunal (Mumbai). The respondent preferred an application under Sections 433 and 434 of the Companies Act, 1956\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/50541","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=50541"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/50541\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/28141"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=50541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=50541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=50541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}