National Company Law Tribunal (NCLT)

National Company Law Tribunal (NCLT):

• A quasi-judicial body in India, established under the Companies Act, 2013.
• Replaced the Company Law Board and the Board for Industrial and Financial Reconstruction (BIFR).

Jurisdiction: NCLT has jurisdiction over:

• Company law matters (incorporation, winding up, mergers, etc.)
• Insolvency and bankruptcy cases (under IBC, 2016)
• Arbitration and conciliation proceedings

Functions:

• Adjudicate company law disputes
• Regulate and supervise company operations
• Conduct inquiries and investigations
• Approve schemes of arrangement and compromise
• Order winding up or liquidation of companies

Benefits:

• Streamlined and efficient dispute resolution
• Expertise in company law matters
• Reduced burden on traditional courts
• Faster resolution of insolvency and bankruptcy cases

Procedure:

• Filing of petitions or applications
• Service of notices and summons
• Hearing and judgment
• Appeal to the National Company Law Appellate Tribunal (NCLAT)