<h1>India to Replace Company Law Board with NCLT and NCLAT; New Companies Bill Incorporates Supreme Court Guidelines.</h1> The Government of India plans to establish the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) to replace the Company Law Board and other financial reconstruction boards. These provisions were initially included in the Companies (Second Amendment) Act, 2002, but faced legal challenges in the Madras High Court. The Supreme Court resolved the matter on May 11, 2010. The revised Companies Bill, 2011, incorporating the Supreme Court's guidelines, is expected to be introduced in Parliament soon, as informed by the Union Minister in a written reply to the Lok Sabha.