NCLT and NCLAT are specialized tribunals that resolve insolvency, bankruptcy, mergers, and corporate disputes, ensuring time-bound, transparent justice for companies, creditors, shareholders, and stakeholders under Indian company and insolvency laws.
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The National Company Law Tribunal (NCLT) is a quasi-judicial authority that deals with corporate and company law matters in India. It primarily handles cases related to insolvency and bankruptcy under the Insolvency and Bankruptcy Code (IBC), oppression and mismanagement of companies, mergers and amalgamations, liquidation, and other disputes involving companies.
A case can be filed before NCLT by various stakeholders depending on the nature of the dispute. These include companies, financial creditors, operational creditors, corporate debtors, shareholders, directors, liquidators, resolution professionals, and other aggrieved parties.
NCLT handles a wide range of corporate matters, including insolvency resolution and liquidation proceedings under the IBC, cases of oppression and mismanagement, approval of mergers, demergers, and amalgamations, winding-up of companies, revival of sick companies, and MSME-related recovery disputes.
The timeline of an NCLT case depends on the type and complexity of the matter. Insolvency proceedings under the IBC are governed by strict timelines, generally to be completed within 180 days, extendable up to a maximum of 330 days including litigation.
An appeal before NCLAT can be filed against an order passed by NCLT by any person aggrieved by such order. The appeal must generally be filed within 30 days from the date of receipt of the NCLT order, with a possible extension of 15 days if sufficient cause is shown.