The document discusses the proposed National Company Law Tribunal (NCLT) in India, which will replace the existing Company Law Board and govern companies in the country. The NCLT will have similar powers to the Company Law Board related to dealing with oppression, mismanagement, revival of sick companies, and winding up companies. It will also have powers from other laws such as dealing with insolvency, debts to banks, and mergers and acquisitions. The Supreme Court of India has paved the way for establishing the NCLT and National Company Law Appellate Tribunal under the Companies Act of 2013.

1. By- Smita Satapathy
smitasatapathy.kls@gmail.com

2.  National Corporate Tribunal also known as National
Company Law Tribunal (NCLT)
 is a proposed quasi-judicial body in India
 Which will govern the companies in India
 The Companies (Second Amendment) Act, 2002
provides for the setting up of a National Company
Law Tribunal and Appellate Tribunal
 to replace the existing Company Law Board

3.  The principal bench of NCLT is expected to be
established in New Delhi.
 NCLT will have the same powers as assigned
to Company Law Board
 which are mostly related to dealing with
oppression and mismanagement
 revival of sick companies and
 powers related to winding up of companies

4.  To set up NCLT a specialized institution for
corporate justice
 based on the recommendations of the Justice Eradi
Committee on Law Relating to Insolvency and
Winding up of Companies.
 The Committee examined not only the Companies
Act, 1956 but also the other laws
 as Sick Industrial Companies (Special Provisions)
Act, 1985 (SICA), Recovery of Debts due to Banks
and Financial Institutions Act, 1993 and
 the recommendations of the United Nations and
International Monetary Fund Report

5.  1. Most of the powers of the Company Law Board
under the Companies Act, 1956.
 2. All the powers of BIFR for revival and
rehabilitation of sick industrial companies;
 3. Power of High Court in the matters of mergers,
demergers, amalgamations, winding up, etc.;
 4. Power to order repayment of deposits accepted
by Non-Banking Financial Companies as provided
in
 section 45QA of the Reserve Bank of India Act,
1934;
 5. Power to wind up companies;
 6. Power to Review its own orders.

6.  A constitution bench of the Supreme Court of India in its
recent judgment in Madras Bar Association vs. Union of
India and Another has paved the way for the establishment
of the National Company Law Tribunal (NCLT) and the
National Company Law Appellate Tribunal (NCLAT)
under the provisions of the Companies Act, 2013.
 the Parliament’s power to create National Company Law
Tribunal and National Company Law Appellate Tribunal
is
 clearly traceable to Entries 43 and 44 of List I. The Court
also viewed that Parliament is thus competent to enact
law
 with regard to the incorporation, regulation and winding
up of Companies. The power of
 regulation would include the power to set up an
adjudicatory machinery for resolving the matters
litigated upon,
 and which concern the working of the companies in all
their facets.

7. NCLT will be “The One Stop Shop For All
Company Related Disputes”
So, I am arguing in the for of establishing
NCLT.