NCLAT Chairperson Justice Sudhansu Jyoti Mukhopadhaya, who handled several big-ticket insolvency cases like Essar Steel during his tenure at the appellate quasi-judicial body, retired on Friday.
Justice Mukhopadhaya, who turns 70 on March 15, was the first chairperson of the National Company Law Appellate Tribunal (NCLAT) which was established on June 1, 2016. An NCLAT chairperson is appointed for five years and can hold office till the age of 70 years.
He delivered several landmark judgements during his tenure of nearly four years. He supervised and handled several major big ticket insolvency cases that includes Essar Steel, Bhushan Power & Steel, Bhushan Steel, Jaypee Infratech, ElectroSteel Steel, Binani Cement, Reliance Communications.
Besides, Justice Mukhopadhaya also delivered several judgements and laid precedents for several NCLT orders and the newly-enacted Insolvency & Bankruptcy Code, 2016.
He would also be known for his order reinstating the ousted Tata Sons head Cyrus Mistry as it shocked the entire business world.
Besides, he also proposed resolution of the IL&FS group which has an outstanding debt of over Rs 94,000 crore, on the pattern of IBC.
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"I have enjoyed every moment here from the day one," he said while addressing a function organised by the NCLAT bar here on Friday.
He also said that the Chennai bench of the NCLAT would be functional from Friday.
"I am happy that all courts are functioning with speed. For me, speed was essence for any resolution process," he said.
Prior to this, Justice Mukhopadhaya was a judge of the Supreme Court of India from September 13, 2011, to March 14, 2015.
Justice Mukhopadhaya had started practice at Patna and Ranchi benches of the High Court in 1979 and was designated as senior advocate in February 1993.
He was appointed as a permanent Judge of the High Court of Patna in November 1994 and after that served as judge of Jharkhand High Court after its creation. He also served as Judge of the Madras High Court, where he also functioned as the Acting Chief Justice for about five months.
Thereafter from December 2009 to September 2011 he was the Chief Justice of the High Court of Gujarat and then was elevated to the apex court from where he retired on March 14, 2015.
NCLAT constituted under Section 410 of the Companies Act, 2013 for hearing appeals against the orders of National Company Law Tribunal (NCLT). It is also appellate tribunal for hearing appeals against the orders passed by NCLT under the IBC and Insolvency and Bankruptcy Board of India.
It is also the Appellate Tribunal to hear and dispose of appeals against any direction issued or decision made or order passed by the Competition Commission of India (CCI).
The NCLAT Chairperson is appointed for a term of five years and can hold office till the age of 70 years.