The CLT’s Full Form in Law is Company Law Tribunal. The complete name is the National Law Tribunal. In India, a quasi-judicial authority called the NCLT (National Company Law Tribunal) decides cases involving Indian corporations. The V. Balakrishna Eradi panel on law relating to bankruptcy and the liquidation of companies recommended the establishment of the tribunal, which was constituted on June 1, 2016, by the Indian government and was created according to the Companies Act of 2013.
Key Aspects of CLT in Law:
The National Company Law Tribunal (NCLT) shall preside over all processes under the Companies Act, including those pertaining to the process of arbitration, arrangements, compromise, reconstructions, and company winding up. A judicial member, who must be a current or former High Court judge, and an administrative member, who must belong to (ICLS), the Indian Corporate Law Service cadre, chair the NCLT bench.
No criminal court shall have jurisdiction to hear any suit or proceeding regarding any matter that the Tribunal or the Appellate Tribunal is authorized to determine by or under this Act or any other law currently in effect. Additionally, no court or other authority shall grant an injunction regarding any action taken or to be taken in accordance with any authority conferred by or under this Act or any other law currently in effect, by the Tribunal or the Appellate Tribunal.