The Ministry of Corporate Affairs vide notification dated on 21st July, 2016 notified the National Company Law Tribunal Rules, 2016 (NCLT Rules) and National Company Law Appellate Tribunal Rules, 2016 (NCLAT Rules).
It is quasi-judicial body which adjudicates issues relating to Companies and Corporate entities.
The National Company Law Tribunal has replaced with Existing Company Law Board.
The Companies Second Amendment Act, 2002 provides for the setting up of the NCLT and NCLAT to replace then existing CLB and BIFR.
The setting up NCLT and NCLAT are single regime to resolve corporate dispute and pending any litigation under the Companies Act.
The NCLT and NCLAT play faster role Implementation of the Insolvency and Bankruptcy code. and their setting up is expected to reduce the burden on courts.
CONSTITUTION OF NCLT:-
Government has Constituted 11 Benches of NCLT, out of which 2 will be the Principal Bench, which shall be Preside at New Delhi.And the regional bench territory authority is in Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, Mumbai.
POWERS VESTED WITH NCLT:-
Powers relating provision of company law,Compromise arrangement and Amalgamation, winding up, Oppression and mismanagement, Revival &Rehabilitation of sick companies, Compounding of offence.
SCOPE FOR PRACTICING COMPANY SECRETARIES:-
The NCLT Provide various opportunities for professionals to appear before the Tribunal in case of sick companies, mergers / amalgamation / demerger / restructuring, reduction share capital, winding up proceeding, oppression and mismanagement, Conversion Company from public to private, which are dealt with by Company court.
The role of Company Secretaries was not only present facts before the NCLT, but also provide complete considering the interest of all the stakeholder.
Now the PCS able to render services in preparing schemes, appearing before NCLT, NCLAT for approval of Schemes and Post merger formalities. A Practicing Company Secretary can be appointed as a Technical Member of NCLT, provided he has 15 years working experience as secretary in Jwhole-time practice.
The ICSI has played a major role in enhancing the creditability of its member before the Appearing NCLT and also improving the skills of the members.
In the view of various opportunities for the practicing company secretaries should standardize their competencies with the global benchmarks to provide value added services in assisting tribunal in dispensation of justice and speedy disposal of Various matters under Companies Act.