NCLT: National Company Law Tribunal — Jurisdiction, Powers and Key Cases

The National Company Law Tribunal (NCLT) was constituted in 2016 under Section 408 of the Companies Act 2013, replacing the Company Law Board and absorbing jurisdiction from BIFR, AAIFR, and company courts. NCLT is the principal forum for company law adjudication in India with benches in 16 cities.

NCLT's Key Jurisdictions

• Insolvency proceedings: All CIRP admissions, liquidation orders, IBC applications
• Mergers/demergers: Approve schemes of arrangement under Sections 230-232
• Oppression and Mismanagement: Sections 241-246 petitions
• Class Action Suits: Section 245 applications by shareholders/depositors
• Winding up: Compulsory winding up orders
• Compromise/Arrangements: Sections 230-232 schemes
• Rectification of registers
• Reduction of share capital
• Investigation orders

NCLT Benches

NCLT has a Principal Bench in New Delhi and regional benches in Mumbai, Chennai, Kolkata, Ahmedabad, Allahabad, Bengaluru, Chandigarh, Guwahati, Hyderabad, Jaipur, Kochi, Amravati, Indore, Cuttack.

Oppression and Mismanagement — Sections 241-242

Any member can apply to NCLT if the company's affairs are conducted in a manner: prejudicial to members' interests, or in a manner oppressive to any member. NCLT may:

• Regulate future conduct of affairs
• Restrain certain acts
• Order purchase of shares of oppressed by majority/company
• Appoint a government director
• Order winding up (if just and equitable)

Class Action Suit — Section 245

Members or depositors (who meet threshold: 100 members or 10% of total, whichever less) can file class action against company, directors, auditors, advisors for wrongful acts causing loss to the company.

NCLAT — Appellate Tribunal

Appeals from NCLT orders go to the National Company Law Appellate Tribunal (NCLAT) in New Delhi. Further appeal (on questions of law) to the Supreme Court of India.