The Supreme Court today cleared the decks for setting up of the National Company Law Tribunal (NCLT) to deal with disputes related to companies by upholding the validity of the 2002 amendments to the Companies Act with certain conditions.
Once the Tribunal is established, all company-related matters pending with the Company Law Board, the Board for Industrial and Financial Reconstruction (BIFR) and different high courts will be transferred to the various benches of the proposed NCLT.
While upholding the validity the amendments to the Companies Act of 1956, a five-member Constitutional Bench headed by chief justice KG Balakrishnan said the Tribunal should be manned by judicial persons only.
“This Tribunal is going to take over the functions of the high courts
