When a company refers to its case in front of the NCLT by way of a news story, the implication is generally related to either significant financial or legal challenges. A brief explanation of the meaning of the NCLT—National Company Law Tribunal—will help you understand its role within India’s corporate environment. The Purpose of NCLT Prior to the NCLT, issues involving companies were dealt with via multiple courts or boards, leading businesses, creditors, and investors to become confused and experience delays. The NCLT’s objective is to: • Facilitate timely resolution of corporate disputes. • Provide effective processes for resolving corporate...
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What Is NCLAT? Simple Meaning, Role, and How It Differs from NCLT
One legal institution in India that is relevant to appeals made in relation to a company is the National Company Law Appellate Tribunal (NCLAT). NCLAT is simply the destination one needs when he or she is not content with a decision by NCLT. It fulfills the role of a higher authority which revises and re-examines NCLT orders. What is NCLAT? NCLAT is an appellate court, that is, it does not initiate new cases. Rather, it listens to appeals made over rulings made by the National Company Law Tribunal (NCLT). It primarily addresses the cases of company disputes, insolvency, and competition...
