The Ministry of Corporate Affairs has issued a notification for the constitution of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) .
It shall come into effect from 1st June 2016.
The NCLT has been constituted under Section 10FB of Companies Act,1956 .
10FB. CONSTITUTION OF NATIONAL COMPANY LAW TRIBUNAL -The Central Government shall, by notification in the Official Gazette, constitute a Tribunal to be known as the National Company Law Tribunal to exercise and discharge such powers and functions as are, or may be, conferred on it by or under this Act or any other law for the time being in force.
The idea behind this move is to resolve corporate disputes faster and improve the ease of doing business in India
NCLT will take over all the matters pending before the erstwhile Company Law Board in terms of sub-section (3) of Section 10FA of Companies Act,1956 .
Initially , NCLT will have total of 11 Benches :
Two benches at Delhi and.
One bench each at Ahmedabad, Allahabad, Bengluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai.
The NCLT shall be presided by Justice MM Kumar, Judge (Retd.)
Whereas, Justice SJ Mukhopadhaya, Judge (Retired), Supreme Court of India has been appointed as Chairman of NCLAT.
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