Brief Overview on National Company Law Tribunal

The National Company Law Tribunal (NCLT) is a quasi-judicial body that adjudicates issues relating to Indian companies. It was established under the Companies Act, 2013, and was constituted on June 1, 2016 by the Union government. It was based on the recommendation of the Justice Eradi Committee on the law relating to insolvency and winding up of companies. All proceedings under the Companies Act, including proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of companies, shall be disposed of by the NCLT. It is tasked with the key job of helping recover corporate loans. The NCLT is the adjudicating authority for the insolvency resolution process of companies and limited liability partnerships under the Insolvency and Bankruptcy Code, 2016. Decisions of the NCLT may be appealed at the National Company Law Appellate Tribunal (NCLAT). The NCLAT decisions can be challenged at the Supreme Court on a point of law. The government has appointed Justice Ramalingam Sudhakar, former chief justice of Manipur High Court, as the current president of the National Company Law Tribunal (NCLT).