“IBC code” most commonly refers to India’s Insolvency and Bankruptcy Code,2016, an act that consolidates and amends laws for the time-bound resolution of insolvency for corporate bodies, firms, and individuals.
The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian Companies. The National Company Law Tribunal is the adjudicating authority for the insolvency resolution process of companies and limited liability partnerships under the Insolvency and Bankruptcy Code,2016, while the National Company Law Appellate Tribunal (NCLAT) was constituted under Section 410 of the Companies Act, 2013, for hearing appeals against the orders of National Company Law…