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NCLT & NCLAT
NCLT (National Company Law Tribunal)
The NCLT is a quasi-judicial authority constituted under the Companies Act, 2013 to deal with corporate law disputes and insolvency matters. The tribunal has powers to:
- Adjudicate insolvency and bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC), 2016, particularly for companies and limited liability partnerships (LLPs).
- Handle cases related to company disputes, including oppression and mismanagement (under sections 241-242 of the Companies Act).
- Approve mergers, amalgamations, and demergers under the Companies Act.
- Order the winding-up of companies.
- Settle disputes related to the revival and rehabilitation of sick companies
NCLAT (National Company Law Appellate Tribunal)
The NCLAT is an appellate body that hears appeals against decisions made by the NCLT. It was established under the Companies Act, 2013 and functions as a higher forum to ensure checks and balances. NCLAT also hears appeals on decisions from:
- NCLT (on company law matters).
- Decisions of the Insolvency and Bankruptcy Board of India (IBBI).
- The Competition Commission of India (CCI), on matters related to antitrust and competition law.
In summary, the NCLT is the first-level forum that handles company and insolvency matters, while the NCLAT acts as an appellate body to review those decisions. Both bodies aim to speed up the legal processes related to corporate governance, insolvency, and restructuring in India.
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