Constitution of National Company Law Tribunal ensures appointed judicial and technical members, with appeals to Appellate Tribunal and Supreme Court. The amendment dissolves the existing Company Law Board, requires its officers and members to vacate office without entitlement to compensation (deputed officers reverting to parent cadres), empowers the Central Government to constitute a National Company Law Tribunal with a President and judicial and technical members to exercise statutory powers, prescribes qualifications and term of office for members, establishes an Appellate Tribunal for appeals from Tribunal orders with specified filing conditions, and permits appeals on questions of law to the Supreme Court within a prescribed period subject to extension for sufficient cause.
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Provisions expressly mentioned in the judgment/order text.
Constitution of National Company Law Tribunal ensures appointed judicial and technical members, with appeals to Appellate Tribunal and Supreme Court.
The amendment dissolves the existing Company Law Board, requires its officers and members to vacate office without entitlement to compensation (deputed officers reverting to parent cadres), empowers the Central Government to constitute a National Company Law Tribunal with a President and judicial and technical members to exercise statutory powers, prescribes qualifications and term of office for members, establishes an Appellate Tribunal for appeals from Tribunal orders with specified filing conditions, and permits appeals on questions of law to the Supreme Court within a prescribed period subject to extension for sufficient cause.
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