The Companies Act, 2013 (2013 Act) proposed the constitution of the National Company Law Tribunal (NCLT) to replace the erstwhile Company Law Board (CLB). The National Company Law Appellate Tribunal (NCLAT) was proposed under the 2013 Act as the appellate authority for appeals against the order of the NCLT, instead of the High Court. While the 2013 Act is already operational and became largely effective from 1 April 2014, the sections relating to NCLT and NCLAT and corresponding rules were not notified pending their constitution. Until the NCLT and the NCLAT were constituted, the CLB and the High Court continued to exercise their powers under the Companies Act, 1956 (1956 Act).
On 1 June 2016, the Ministry of Corporate Affairs (MCA) notified the following:
These notifications are effective from 1 June 2016 (being the date they are published in the official gazette).
This First Notes provides an overview of the MCA notifications.
To access the text of the MCA notification, please click here.
© 2016 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.