New Delhi: The Centre has named Justice (Retd.) Yogesh Khanna as the officiating chairperson of the National Company Law Appellate Tribunal (NCLAT) for three months, ensuring continuity at the country's top appellate body for corporate insolvency and competition law matters after Justice (Retd.) Ashok Bhushan completed his tenure.
According to a notification issued on Thursday by the ministry of corporate affairs (MCA), Khanna, who serves as a judicial member of the NCLAT, will assume charge with effect from 5 July for a period of three months, or until a regular chairperson is appointed or further orders are issued, whichever is earlier. The appointment has been made under Rule 7 of the Tribunal (Conditions of Service) Rules, 2021.
The NCLAT hears appeals against orders passed by the National Company Law Tribunal (NCLT), the Insolvency and Bankruptcy Board of India (IBBI), the Competition Commission of India (CCI), and other authorities under the Companies Act, the Insolvency and Bankruptcy Code (IBC), and the Competition Act.
As the appellate forum for corporate insolvency and bankruptcy cases, mergers and acquisitions, corporate governance disputes, and competition law matters, the tribunal's rulings often shape the implementation of the Insolvency and Bankruptcy Code and have a direct bearing on lenders, investors, resolution professionals and companies undergoing insolvency resolution.
The chairperson oversees the tribunal's functioning, assigns cases to benches, ensures the timely disposal of appeals and maintains consistency in judicial decisions. The role has assumed greater significance as the tribunal continues to handle a rising number of appeals stemming from insolvency proceedings and competition law disputes.
Justice Ashok Bhushan, a former Supreme Court judge, completed his tenure as NCLAT chairperson on 4 July after leading the appellate tribunal through several landmark rulings under the Insolvency and Bankruptcy Code and the Competition Act.
During his tenure, the tribunal heard several high-profile insolvency cases involving large corporate borrowers, as well as appeals against Competition Commission orders involving major technology companies and digital markets.
