The Companies Act, 2013 introduced a transformative institutional framework for the regulation, governance, and adjudication of corporate affairs in India. Central to this reform was the creation of dedicated quasi-judicial bodies: the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT). These bodies were established to streamline corporate dispute resolution and improve efficiency, transparency, and accountability in matters concerning company law and insolvency.
The NCLT was constituted under Section 408 of the Companies Act, 2013 and began operations on June 1, 2016. It absorbed the functions of the now-defunct Company Law Board, the Board for Industrial and Financial…