Economy News

NATIONAL COMPANY LAW APPELLATE TRIBUNAL (NCLAT)

Written by Talent KAS

Related Topic in KAS Prelims Syllabus:

Economy [Paper-II]: Indian economy in post reform period

News

  • National Company Law Appellate Tribunal (NCLAT) reinstated Cyrus Pallonji Mistry to the position of Executive Chairman of Tata Sons and Director of the Tata Group of companies for the remainder of his tenure.
  • Cyrus Mistry, who was the sixth chairman of Tata Sons, was ousted from the position in October 2016.
  • He had taken over as the chairman in 2012 after Ratan Tata announced his retirement.
  • The National Company Law Tribunal (NCLT) had earlier dismissed petitions filed by two investment firms Cyrus Investments Pvt Ltd and Sterling Investments Corp challenging Mistry’ removal.

About NCLAT

  • The NCLAT was constituted under Section 410 of The Companies Act, 2013 to hear appeals against the orders of the National Company Law Tribunals (NCLT).
  • It is the appellate tribunal for orders passed by the NCLT(s) under Section 61 of the Insolvency and Bankruptcy Code (IBC), 2016.
  • It is also the appellate tribunal for orders passed by the Insolvency and Bankruptcy Board of India (IBBI) under Sections 202 and 211 of the IBC.
  • It is also the Appellate Tribunal to hear and dispose of appeals against any direction issued or decision made or order passed by the Competition Commission of India (CCI) – as per the amendment brought to Section 410 of the Companies Act, 2013 by the Finance Act, 2017.
  • The current Chairperson of NCLAT is Justice S.J. Mukhopadhaya, former Judge of the Supreme Court.

[Source: Livemint, nclat.nic.in]

 

About the author

Talent KAS

Leave a Comment


The maximum upload file size: 750 MB.
You can upload: image, document, text.