NCLAT stands for National Company Law Appellate Tribunal (NCLAT). The tribunal was established under Section 410 of the Companies Act, 2013 and was constituted on June 1 2016 by the government of India.
NCLAT Chairperson shall be a person who is or has been a Judge of the Supreme Court or the Chief Justice of the High Court. The chairperson shall be appointed after consultation with the Chief Justice of India.
The Chairperson shall hold office for a term of 5 years from the date on which he enters upon his office, but shall be eligible for re-appointment for another term of 5 years. Chairperson shall hold office as such until he attains the age of seventy years.
NCLAT is the Appellate Tribunal for hearing appeals against the orders of National Company Law Tribunal (NCLT). It is also responsible for hearing appeals against the orders passed by NCLT(s), with effect from December 1, 2016.
NCLAT is also the Appellate Tribunal for hearing appeals against the orders passed by Insolvency and Bankruptcy Board of India. It also hears appeals against any direction issued or decision made or order passed by the Competition Commission of India (CCI), with effect from 26th May, 2017.
NCLAT decisions can be challenged in the Supreme Court. In some cases, NCLAT decisions have been overturned by the Supreme Court. In the case of ArcelorMittal the supreme court set aside the tribunal's order to pave way for the global steel giant to acquire Essar Steel.
