National Company Law Appellate Tribunal (NCLAT): ReinstatesCyrus Mistry as Tata Sons Chairman

National Company Law Appellate Tribunal (NCLAT): ReinstatesCyrus Mistry as Tata Sons Chairman

Part of: GS Prelims and GS Mains II – Polity; GS –III – Corporate Governance

In News

• NCLAT along with reinstating Cyrus Mistry (who was removed by the Board of Tata Sons) as Chairman of Tata Sons, also ordered to Tata Sons to go back from ‘private company’ to ‘public company’

Value Addition: About NCLAT

• NCLAT was constituted under Section 410 of the Companies Act, 2013. 
• NCLAT is the Appellate Tribunal for hearing appeals against the orders passed by – 

• 1. National Company Law Tribunal(s) NCLT(s) under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC)
  2. Insolvency and Bankruptcy Board of India (IBBI) under Section 202 and Section 211 of IBC. 
  3. Competition Commission of India (CCI) – as per the amendment brought to Section 410 of the Companies Act, 2013