BackNCLT members attend colloquium for understanding the tribunal
This five-day colloquium is being organized right before the NCLT commences functioning on 1 July
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New Delhi: Preparations for the National Company Law Tribunal (NCLT) regime kicked off on Sunday with a colloquium organized for its members by the Indian Institute of Corporate Affairs (IICA).
The IICA describes itself as a capacity-building think-tank working under the ministry of corporate affairs (MCA).
This five-day colloquium is being organized right before the NCLT commences functioning on 1 July.
The colloquium aimed to apprise members of the tribunal on the various aspects of the law around the NCLT.
The government notified the NCLT on 1 June, effectively bringing the regime under the Company Law Board to an end.
The move was hailed as a step towards improving the ease of doing business by bringing all aspects of company law matters under one roof.
The colloquium, which could be seen as a training exercise, also addresses the question raised by then judge (now chief justice of India) T.S. Thakur about the required understanding of the law by its members.
In February 2015, Thakur had observed that the proposed model of the NCLT did not allow members the required time to understand its functioning.
The NCLT was first introduced under the Companies Act, 2013 to take over the functions of the Company Law Board and the Board for Industrial and Financial Restructuring (BIFR).
The new Bankruptcy and Insolvency Code also gave the NCLT the role of adjudicating bankruptcy cases for companies. The infrastructure for the same will require time, corporate lawyer Shardul Shroff said in an interview.
The introduction of NCLT, and its appellate tribunal—the National Company Law Appellate Tribunal (NCLAT)—were challenged before the Supreme Court, which upheld its validity, but made some changes to the appointments process last year. Read more
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