Table of Contents
Is NCLT a constitutional body?
The National Company Law Tribunal is a quasi-judicial body in India that adjudicates issues relating to Indian companies. The tribunal was established under the Companies Act 2013 and was constituted on 1 June 2016 by the government of India and is based on the recommendation of the V.
What is a statutory body Upsc?
Statutory bodies are established by acts which Parliament and State Legislatures can pass. Basically, a statutory body is an organisation of government which is not demarcated in Constitution of India but it gets its powers, service rules, authority by an act of parliament or state legislatures.
What is difference between NCLT and Nclat?
The NCLT & NCLAT are quasi-judicial bodies in India that adjudicate issues relating to Indian Companies….Brief overview on NCLT and NCLAT.
| NCLT | NCLAT |
|---|---|
| NCLT accepts and analyzes the evidence from creditors and debtors | NCLAT accepts and analyzes the decision made by NCLT |
| NCLT collects facts and evidences | NCLAT analyzes facts and evidences |
What is the difference between DRT and NCLT?
NCLT is regulated by the Companies Act, whereas DRT is regulated by the SARFAESI Act and Recovery of Debts due to Banks and Financial Institutions. Companies approach NCLT for winding up, strike off cases in case of default whereas Banks and Financial Institutions approach DRT for recovery procedure.
Is NCLT a quasi-judicial body?
It is a quasi-judicial authority incorporated for dealing with corporate disputes that are of civil nature arising under the Companies Act. However, a difference could be witnessed in the powers and functions of NCLT under the previous Companies Act and the 2013 Act.
What is Eradi Committee?
The Eradi Committee was set up under the chairmanship of Justice V. Balakrishna Eradi that presented a report on law relating to insolvency and winding up of the companies. NCLT is a quasi- judicial body which adjudicates issues relating to companies registered in India.
What is non statutory body?
Non-statutory is essentially another term for common law. Therefore such bodies are formed by executive resolution or action, which means that they are formed only by the Government’s action.
What are statutory body in India?
Statutory body or authority means a non-constitutional body which is set up by a parliament. Statutory bodies are authorized to pass the law and take the decision on the behalf of state or country. Example of a statutory body is SEBI i.e. Securities and Exchange Board of India.
What is IBC and Nclt?
The NCLT hears cases arising under the IBC as well as the Companies Act, whereas the NCLAT (the appellate tribunal) is also the forum against orders by the Competition Commission of India. In the interim, additional courts may be added to NCLTs which see heavy IBC traffic, such as Mumbai and Delhi.
What is IBC Upsc?
The IBC was enacted in 2016, replacing a host of laws, with the aim to streamline and speed up the resolution process of failed businesses. The Code also consolidates provisions of the current legislative framework to form a common forum for debtors and creditors of all classes to resolve insolvency.
Is Upsc a quasi-judicial body?
Important bodies such as the Finance Commission, the UPSC, the Election Commission, the CAG, National Commissions for SCs and STs, etc. are constitutional bodies.