As per Section 408 of the Companies Act, 2013, the Central Government shall constitute by notification published in Official Gazette the National Company Law Tribunal (NCLT). The National Company Law Tribunal will exercise and discharge the powers and functions as conferred or as may be conferred under the Companies Act, 2013 or any other law for the time being in force.
Composition of the National Company Law Tribunal:
Composition of the National Company Law Tribunal consists of a President and such number of other Judicial and Technical Members as may be prescribed. The President of the Tribunal shall be appointed by the Central Government after consultation with Chief Justice of India. The Members are to be appointed by the Central Government on the recommendation of a Selection Committee.
President of National Company Law Tribunal:
A person who is or has been judge of a High Court for five years is eligible to be appointed as president of National Company Law Tribunal.
Judicial Member:
A person shall not be qualified for appointment as a Judicial Member unless he:
- Is or has been a judge of High Court; or
- Is or has been a District Judge for atleast five years; or
- Has, for atleast 10 years been practicing as an advocate
“Judicial Member” includes President of the Tribunal.