The government has constituted the National Company Law Tribunal (NCLT) which would help in expediting adjudication matters under the companies law.
The tribunal and its appellate authority are part of the Companies Act, 2013, whose many provisions came into effect from April 1, 2014.
A notification for establishing NCLT and the National Company Law Appellate Tribunal (NCLAT) with effect from today has been issued by the Corporate Affairs Ministry.
"Justice S J Mukhopadhaya, Judge (Retd), Supreme Court of India, has joined as the Chairperson of the NCLAT and Justice M M Kumar, Judge (Retd) has joined as the President of the NCLT," the Ministry said in a release.
Initially, NCLT would have 11 benches spread across various cities, including the national capital and Mumbai.
With the constitution of the NCLT, the Company Law Board constituted under the Companies Act, 1956 stands dissolved, the release added.
A senior official of the ministry said NCLT would help in expediting adjudication matters under the companies law.
Besides, insolvency matters would come to the tribunal once the new bankruptcy law is implemented, he added.
Overall, NCLT is expected to help in further improving the ease of doing business in the country, a key focus area of the government.
"Initially, NCLT will have eleven benches, two at New Delhi and one each at Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai," the release said.
Companies Act is implemented by the Corporate Affairs Ministry.