National Company Law Appellate Tribunal (NCLAT)

Context

The Supreme Court has reversed the NCLAT decision that had approved a settlement agreement between an edtech company and the Board of Control for Cricket in India (BCCI) for an outstanding payment.

About NCLAT

• It was constituted in 2016 under Section 410 of the Companies Act, 2013 for hearing appeals against the orders of the National Company Law Tribunal(s) (NCLT)
• Benches: Principal Bench – New Delhi, Additional Bench – Chennai
• Hears Appeals against orders passed by:
  • National Company Law Tribunal (NCLT)
  • Insolvency and Bankruptcy Board of India
  • Competition Commission of India (CCI)
  • National Financial Reporting Authority.
• Composition:
  • It is composed of a chairperson, judicial and technical members.
  • These members are appointed by the Central Government.
• Decisions of NCLAT can be appealed to the Supreme Court of India.

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