The Government has said that it proposes to set up a ‘National Company Law Tribunal’ to consolidate the powers and jurisdiction presently being exercised by various bodies namely, Company Law Board, Board for Industrial and Financial Reconstruction, High Courts and entrust it to the Tribunal. Stating this in written reply to a question in the Lok Sabha today Shri Salman Khurshid, Minister of Corporate Affairs, said that the Companies (Amendment) Act, 2002 and the Companies Bill, 2009, introduced in the Lok Sabha on 3rd August, 2009, have a provision for the constitution of the ‘National Company Law Tribunal’ consisting of a President and such number of judicial and technical members, as the Central Government may deem necessary, to be appointed by notification. The Minister said that it removes the multiplicity of litigations before various courts or quasi-judicial bodies regarding disputes related to company matters, revival and rehabilitation, merger and amalgamation and winding up of companies.
