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With reference to the National Company Law Tribunal, consider the following statements:
- It is a quasi-judicial authority incorporated for dealing with corporate disputes.
- It was established under the Companies Act, 2013.
- It does not have the power to scrutinize its own orders.
How many of the statements given above are correct?
- a)Only 1
- b)Only 2
- c)1, 2 and 3
- d)None
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
With reference to the National Company Law Tribunal, consider the foll...
Statement 1: It is a quasi-judicial authority incorporated for dealing with corporate disputes.
The statement is correct. The National Company Law Tribunal (NCLT) is indeed a quasi-judicial authority that has been incorporated under the Companies Act, 2013. It is responsible for dealing with corporate disputes and matters related to companies.
Statement 2: It was established under the Companies Act, 2013.
The statement is correct. The NCLT was indeed established under the Companies Act, 2013. The Act provides for the establishment of the NCLT and empowers it to handle matters related to companies, including mergers, amalgamations, winding up, and other corporate disputes.
Statement 3: It does not have the power to scrutinize its own orders.
The statement is incorrect. The NCLT does have the power to scrutinize and review its own orders. If any party is aggrieved by an order passed by the NCLT, they can file an appeal before the National Company Law Appellate Tribunal (NCLAT). The NCLAT has the authority to review the orders passed by the NCLT and can modify or set aside the order if it finds any error or irregularity.
Therefore, only statements 1 and 2 are correct. Statement 3 is incorrect. Hence, the correct answer is option 'B' - Only 2.
The statement is correct. The National Company Law Tribunal (NCLT) is indeed a quasi-judicial authority that has been incorporated under the Companies Act, 2013. It is responsible for dealing with corporate disputes and matters related to companies.
Statement 2: It was established under the Companies Act, 2013.
The statement is correct. The NCLT was indeed established under the Companies Act, 2013. The Act provides for the establishment of the NCLT and empowers it to handle matters related to companies, including mergers, amalgamations, winding up, and other corporate disputes.
Statement 3: It does not have the power to scrutinize its own orders.
The statement is incorrect. The NCLT does have the power to scrutinize and review its own orders. If any party is aggrieved by an order passed by the NCLT, they can file an appeal before the National Company Law Appellate Tribunal (NCLAT). The NCLAT has the authority to review the orders passed by the NCLT and can modify or set aside the order if it finds any error or irregularity.
Therefore, only statements 1 and 2 are correct. Statement 3 is incorrect. Hence, the correct answer is option 'B' - Only 2.
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Community Answer
With reference to the National Company Law Tribunal, consider the foll...
The Ministry of Corporate Affairs (MCA) is finalising draft guidelines to reduce delays at the National Company Law Tribunal.
- It is a quasi-judicial authority incorporated for dealing with corporate disputes that are of civil nature arising under the Companies Act, 2013.
- It was constituted on 1 June 2016 under the Companies Act, 2013.
- It was established based on the recommendation of the BalakrishnaEradi committee on law relating to the insolvency and the winding up of companies.
- Composition: It shall consist of a President and such number of Judicial and Technical Members as may be required.
- What are the Powers of NCLT?
- It is not limited or bound by the rules laid down in the Code of Civil Procedure and is guided by the principles of natural justice, subject to the other provisions of this Act and of any rules that are made by the Central Government.
- It can enforce any order that it gives in the same manner as a court would enforce it.
- It has the power to scrutinize its own orders.
- It has the power to regulate their own procedure.
- It is the adjudicating authority for the insolvency resolution process of companies and limited liability partnerships under the Insolvency and Bankruptcy Code, 2016.
Hence only statements 1 and 2 are correct.
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With reference to the National Company Law Tribunal, consider the following statements: It is aquasi-judicial authorityincorporated fordealing with corporate disputes. It was established under theCompanies Act, 2013. It does not have thepower to scrutinize its own orders.How many of the statements given above are correct?a)Only 1b)Only 2c)1, 2 and 3d)NoneCorrect answer is option 'B'. Can you explain this answer?
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