Background
Overview
Understanding the institutional framework for corporate governance, insolvency resolution, and the functioning of quasi-judicial bodies is crucial for GS2 (Polity) and GS3 (Economy). The powers, challenges, and role of such bodies in economic reforms are frequently tested.
The National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) are quasi-judicial bodies in India that adjudicate issues relating to Indian companies. Established under the Companies Act, 2013, they handle matters such as corporate insolvency resolution, company mergers and acquisitions, and other corporate disputes, replacing the Company Law Board and Board for Industrial and Financial Reconstruction.