Rules notified by government for National Company Law Tribunal
Q. Which tribunal is replacing the Company Law Board?- Published on 25 Jul 16a. NCLT
b. NALT
c. NDLT
d. None of the above
ANSWER: NCLT
Government has notified rules for the National Company Law Tribunal which replaced the Company Law Board.
- Rules for the National Company Law Appellate Tribunal have been notified by Corporate Affairs Ministry.
- Tribunal and its appellate authority were part of the Companies Act, 2013 whose many provisions came into effect from April 2014.
- NCLT and appellate tribunal were notified by the Ministry on June 1.
- It has been set up at 10 locations including the NCT, Mumbai, Kolkata, Hyderabad and Chennai.
- Infrastructure has been provided at 10 locations apart from taking requisite steps to provide supporting staff.
- Among others, NCLT has powers to delegate inquiry related to proceedings prior to this, securing assistance of a magistrate or collector to take the property’s possession.
- NCLT will improve ease of doing business in the country.
