Daily Current Affairs for UPSC Civil Services Exam – 20 October 2020

Daily Current Affairs for UPSC Civil Services Exam – 20 October 2020

In Today’s News:

  1. National Company Law Tribunal(NCLT).
  2. National Company Law Appellate Tribunal(NCLAT).

1. National Company Law Tribunal

News Summary

It is a piece of political news not relevant to the exam.

Prelims GS – Governance

NCLT:
  • The Central Government has constituted National Company Law Tribunal (NCLT) under section 408 of the Companies Act, 2013 (18 of 2013) with effect from 01st June 2016.
  • National Company Law Tribunal is the outcome of the Justice Eradi Committee.
  • It is a quasi-judicial authority incorporated for dealing with corporate disputes that are of civil nature arising under the Companies Act.
  • In the first phase, the Ministry of Corporate Affairs has set up eleven Benches, one Principal Bench at New Delhi, and one each Regional Benches at New Delhi, Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Jaipur, Hyderabad, Kolkata, and Mumbai.
  • Subsequently, more benches at Cuttack, Jaipur, Kochi, Amravati, and Indore have been setup.
  •  The National Company Law Tribunal (NCLT) shall be the Adjudicating Authority with jurisdiction over companies, limited liability entities.
  • Appeals from the order of NCLT shall lie to the National Company Law Appellate Tribunal (NCLAT).

Click here to know more about NCLT.

2.National Company Law Appellate Tribunal(NCLAT)

News Summary

It is a piece of political news not relevant to the exam.

Prelims GS – Governance

NCLAT:
  • National Company Law Appellate Tribunal was constituted under Section  410 of the Companies Act, 2013 for hearing appeals against the orders of the National Company Law Tribunal(NCLT) w.e.f 1st June 2016.
  • NCLAT is also the Appellate Tribunal for hearing appeals against the orders passed by NCLT under Section 61 of the Insolvency and Bankruptcy Code 2016 (IBC) w.e.f 1st Dec 2016.
  • NCLAT is also the Appellate Tribunal for hearing appeals against the orders passed by the Insolvency and Bankruptcy Board of India under Section 202 and Section 211 of IBC.
  • NCLAT is also the Appellate Tribunal to hear and dispose of appeals against any direction issued or decision made or order passed by the Competition Commission of India (CCI) – as per the amendment brought to Section 410 of the Companies Act, 2013 by Section 172 of the Finance Act, 2017, with effect from 26th May 2017.

Click here to know more about NCLAT.

 

 

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