Government has notified the rules for the National Company Law Tribunal (NCLT), which has replaced the Company Law Board.
The rules for the National Company Law Appellate Tribunal have also been notified by the Corporate Affairs Ministry.
The tribunal and its appellate authority are part of the Companies Act, 2013, whose many provisions came into effect from April 1, 2014.
NCLT and its appellate tribunal were notified by the Ministry on June 1.
It has been set up at ten locations, including the national capital, Mumbai, Kolkata, Hyderabad and Chennai.
According to the Ministry, infrastructure has been provided at all the ten locations apart from taking requisite steps to provide supporting staff.
Among others, NCLT has powers to delegate inquiry related to proceedings before it, securing assistance of a magistrate or collector to take possession of property.
Overall, NCLT is expected to help in further improving the ease of doing business in the country, a key focus area of the government.
