National Company Law Tribunal: Establishment & Functioning - General Economics

Q.  Consider the following statements

1. National Company Law Tribunal (NCLT) is a proposed quasi-judicial body in India that will govern the companies in India.
2. It will be established under the Companies Act, 2013.
3. It is a successor body of the Company Law Board.

Which of the above statements is/are correct?
- Published on 06 May 15

a. 1,2
b. 1,3
c. 2,3
d. All

ANSWER: All
 
The principal bench of NCLT is expected to be established in New Delhi. NCLT will have the same powers as assigned to the erstwhile Company Law Board (which are mostly related to dealing with oppression and mismanagement), Board for Industrial and Financial Reconstruction (BIFR)(revival of sick companies) and powers related to winding up of companies

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