TMI BlogSetting Up of NCLT and NCLAT.X X X X Extracts X X X X X X X X Extracts X X X X ..... Setting Up of NCLT and NCLAT. - News and Press Release Dated:- 19-3-2012 - News - Press Information Bureau Government of India Ministry of Corporate Affairs 19-March-2012 17:30 IST Setting Up of NCLT and NCLAT The Government proposes to set up National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT). Provisions have been incorporated in the Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... panies Bill, 2011 which has been introduced in the Lok Sabha on 14.12.2011. The establishment of NCLT and NCLAT as specialized Quasi Judicial Bodies with professional approach will have the following beneficial effects: (i) reduce pendency of winding up cases and shorten the period of winding-up process; (ii) avoid multiplicity and levels of litigation before High Courts and quasi-judicia Au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thorities like Company Law Board (CLB), Board for Industrial and Financial Reconstruction (BIFR) and Appellate Authority for Industrial and Financial Reconstruction (AAIFR) as all such matters will then be heard and decided by NCLT; (iii) the appellate procedure will be streamlined with an appeal against order of the NCLT lying before NCLAT and with further appeal against the order of NCLAT lyin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g with the Supreme Court only on points of law, thereby reducing the delay in appeals; and (iv) the burden on High Courts will be reduced and BIFR and AAIFR will be dissolved. These Tribunals can become operational only after the enactment of the said Bill. This information was given by the the Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh in Rajya Sabha today in r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eply to a written question whether Government proposes to set up National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT); the details in this regard; the reasons for setting up of NCLT and NCLAT; and by when these Tribunals would start their operation in the country ? ***** ST/- - News - Press release - PIB Tax Management India - taxmanagementindia - taxm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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