| National Company Law Tribunal Constituted
The Ministry of Corporate Affairs (“MCA”) vide notification dated June 01, 2016 constituted the NCLT and National Company Law Appellate Tribunal with effect from the same date. The NCLT will have eleven benches at various locations around the country, with the principal bench at New Delhi. Accordingly, the Company Law Board stands dissolved.
Further, several provisions of the Companies Act, 2013 which relate to NCLT have been notified including matters relating to oppression, class actions and other miscellaneous roles and functions assigned to the NCLT under the Companies Act, 2013. However, matters such as amalgamations, capital reductions, winding up, etc. under the Companies Act, 2013 are yet to notified and continue to remain within the purview of the High Court.
The constitution of the NCLT is a step forward towards company law matters and their enforcement in the Indian context.