NCLT – A Constitutional Approach And A Corporate Need

Lekhana Wesley, Symbiosis Law School, Pune

ABSTRACT

“The NCLT is essential for the long-term growth of the Indian economy”

National Company Law Tribunal (NCLT), hereon forward referred to as The NCLT was established in 2016 as a specialized court under the 2013 Companies Act. The NCLT has sole authority over corporate law, including insolvency, bankruptcy, mergers, acquisitions, and company law compliance. The NCLT was created to improve the Indian judicial system's efficiency and backlog. The quasi-judicial NCLT is made up of corporate law judges. This ensures that judges who understand and apply complex corporate laws resolve corporate law disputes quickly and effectively. The newly established NCLT has changed Indian corporate law. The NCLT has reduced case backlogs, enforced harsh penalties on lawbreakers, and promoted good corporate governance. The National Company Law Tribunal (NCLT) will remain vital to India's corporate law system. This paper will use certain statistical data, case laws to help with the understanding how the NCLT came into place, its challenges and its progressions.

Keywords: The NCLT, Corporate need, Constitutional validity, Transparency, Insolvency, Bankruptcy.