[1] The tribunal, established under the Companies Act 2013, was constituted on 1 June 2016 by the government of India and is based on the recommendation of the V. Balakrishna Eradi committee on law relating to the insolvency and the winding up of companies.
The NCLT bench is chaired by a Judicial member, who is to be a serving or retired High Court Judge, and a Technical member, who must be from the Indian Corporate Law Service (ICLS) cadre.
The tribunal has sixteen benches, six at New Delhi (one being the principal bench) and two at Ahmedabad, one at Prayagraj, one at Bengaluru, one at Chandigarh, two at Chennai, one at Cuttack, one at Guwahati, three at Hyderabad of which one is at Amaravathi,[3] one at Jaipur, one at Kochi, two at Kolkata and five at Mumbai.
[1] The National Company Law Tribunal has the power under the Companies Act to adjudicate proceedings: Following is the list of Hon'ble President and Sitting Members:[6] Decisions of the tribunal may be appealed to the National Company Law Appellate Tribunal, the decisions of which may further be appealed to the Supreme Court of India on a point of law.
The Supreme Court of India has upheld the Insolvency and Bankruptcy Code in its entirety.