NCLT - GS questions based on daily current affairs

1)   Which of the following statements is/are correct about National Company Law Tribunal?

1. It is a proposed quasi-judicial body to govern the companies in India.
2. It is a successor body of the Company Law Board.

a. Only 1
b. Only 2
c. Both
d. None
Answer  Explanation 

ANSWER: Both

Explanation:
- It will be established under the Companies Act, 2013 and is a successor body of the Company Law Board.
- 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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