Is The Purpose Of NCLTs Being Defeated?
The NCLT was constituted on June 1, 2016, with 10 benches and one principal bench. It consolidates the corporate jurisdiction of the Company Law Board, Board for Industrial and Financial Reconstruction, Appellate Authority for Industrial and Financial Reconstruction and powers related to the winding up or restructuring of a company and other provisions, earlier vested in. It consolidates the corporate jurisdiction of the Company Law Board, Board for Industrial and Financial Reconstruction, Appellate Authority for Industrial and Financial Reconstruction and powers related to the winding up or restructuring of a company and other provisions, earlier vested in high courts. The Mumbai bench of National Company Law Tribunal is a few minutes' walk from the Bombay High Court. The same bench, which hears matters relating to resolution under the Insolvency and Bankruptcy Code, also hears cases that were transferred from the Company Law Board and corporate recovery cases before debt recovery tribunals.
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