Do you know what is a quasi-judicial body? If you do or if you don’t you are good either way. All you need is to read the article as this is a must-read for both kinds. It would add to the knowledge bank and help you take away some interesting information about quasi-judicial bodies. Furthermore, you will gather information about India’s National Company Law Tribunal. Therefore, read till the end to not miss out on any information you are worthy of.
A Brief About Quasi-Judicial Body
Go through the points mentioned below to under what is a quasi-judicial body and what is its function.
- A quasi-judicial body is like a piece of the Government other than a Court or Legislature, which involves the rights of private parties either via adjudication or rulemaking.
- It is not required that this body has to necessarily be an organization resembling a Court of Law. For instance, India’s Election Commission is an example quasi-judicial body but does not have its core operations as a Court of Law.
- In the established judicial procedure, a considerable section of the masses for the fear of expense may waver from approaching the Courts, thus beating the purpose of justice. Quasi-judicial bodies, on the other hand, have an altogether low cost which enables people to pursue redressal for their resentments.
- These bodies are convenient, free from technicalities, expeditious, and proceed more rapidly and efficiently.
- A few other examples of a quasi-judicial body in India are the Election Commission of India, the National Green Tribunal, the Central Information Commission (CIC), Lok Adalat, etc.
Also, go through the election laws in India to understand its establishment, and read about its functions and other aspects related to it.
Facts About The National Company Law Tribunal (NCLT)
Go through the following points to understand the details related to the establishment of the functions of the National Company Law Tribunal.
- The National Company Law Tribunal or commonly known as NCLT is a quasi-judicial body in India adjudicating matters affecting companies in the country.
- The body was constructed on 1st June 2016, as per the conditions of the Companies Act 2013 (Section 408) by the Indian government.
- It was started based on the suggestions of the Justice V. Balakrishna Eradi Committee that were associated with bankruptcy and spiraling up of companies in India.
- The major functions of the National Company Law Tribunal are issuing registration to companies and questioning their legitimacy, investigating their affairs, hearing grievances of rejection of companies in transferring shares, freezing assets of a company, ensuring the rights of depositors, and converting a public limited company into a private limited.
- In the first stage, the Ministry of Corporate Affairs positioned 11 benches with the principal bench being in New Delhi, and 10 others in Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, and Mumbai.
- Since then more benches have also come into existence like Cuttack, Jaipur, Kochi, Amravati, and Indore with new members.
- The NCLT benches are chaired by a judicial member who should be a retired or a serving judge of the High Court of India and a technical member who must be from the Indian Corporate Law Service, ICLS Cadre.
- The current head of the NCLT is Shri Ramalingam Sudhakar who is a retired Chief Justice of India. The tribunal also includes 16 judicial members and 9 technical members at various locations.
We hope this article could serve you with the details needed to understand the work and importance of the National Company Law Tribunal. For more such content keep reading our articles.