Notified under section 408 of Companies Act 2013, NCLT or National Company Law Tribunal is a quasi judicial authority. NCLT deals with corporate disputes of civil nature that come under Companies Act (both 1956 and 2013).
The eleven benches have been set up by the Ministry of Corporate Affairs with a Principal bench in New Delhi. The rest 10 benches are spread in:
New Delhi
Ahmadabad
Allahabad
Bengaluru
Chandigarh
Chennai
Guwahati
Hyderabad
Kolkata
Mumbai
Now that we have ascertained what is NCLT definition, let us go through some of the major functions of NCLT:
Registration, cancellation of registration, and dissolving company status if any discrepancy is found under Section 7(7) of Companies Act 2013
To hear grievances of rejection of companies in transferring shares and securities. It also hears issues that come under Section 58 and Section 59 of Companies Act 2013
Powers under Chapter V of the Companies Act have been vested upon NCLT
NCLT holds the power to investigate the affairs of companies with the help of the application of 100 members. The investigation can be conducted anywhere in India or across the world.
NCLT can free assets of the company
According to Section 13 and Section 18 of the Companies Act 2013, NCLT can control conversion of a Public Limited Company to a Private Limited Company.
I hope this clarifies what is NCLT meaning or
National Company Law Tribunal meaning.
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What is NCLT?
Mohan
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2022-01-27T11:24:33+00:00 2022-01-27T12:20:49+00:00Comment
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