fbpx

National Company Law Tribunal (NCLT)

  • IASbaba
  • January 18, 2022
  • 0
UPSC Articles
Print Friendly, PDF & Email

National Company Law Tribunal (NCLT)

Part of: Prelims and GS-III -Economy

Context: The Supreme Court has upheld a National Company Law Tribunal (NCLT) decision to wind up Devas (Digitally Enhanced Video and Audio Services), once regarded as a move to revolutionise digital media and broadcasting services via satellite. However, it ended up as a case of fraud and corruption under CBI investigation.

What is NCLT?

  • Insolvency and Bankruptcy Code was enacted in 2016 for reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons.
  • The adjudicating authority is National Company Law Tribunal (NCLT) for companies and LLPs and Debt Recovery Tribunal (DRT) for individuals and partnership firms.
  • It is a quasi-judicial body in India that adjudicates issues relating to companies in India.
  • Established on 1st June, 2016 (Companies Act, 2013).
  • Formed based on the recommendations of the Justice Eradi Committee.
  • It deals with matters mainly related to companies law and the insolvency law.
  • Term of members: Appointments will be for five years from the date of assumption of charge or till attaining the age of 65 or until further orders.

News Source: TH

For a dedicated peer group, Motivation & Quick updates, Join our official telegram channel – https://t.me/IASbabaOfficialAccount

Subscribe to our YouTube Channel HERE to watch Explainer Videos, Strategy Sessions, Toppers Talks & many more…

Search now.....