Cabinet okays creation of additional posts in NCLAT

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  1. The Union Cabinet has approved creation of additional posts of 3 Judicial Members and 3 Technical Members in the National Company Law Appellate Tribunal (NCLAT).
  2. National Company Law Appellate Tribunal (NCLAT) was constituted under the Companies Act, 2013 for hearing appeals against the orders of (a) National Company Law Tribunal(s) (NCLT) (b)Insolvency and Bankruptcy Board of India and (c)Competition Commission of India (CCI).
  3. The President of the Tribunal and the chairperson and Judicial Members of the Appellate Tribunal are appointed after consultation with the Chief Justice of India.
  4. Further,members of the Tribunal and the Technical Members of the Appellate Tribunal are appointed on the recommendation of a Selection Committee consisting of:(a)Chief Justice of India or his nominee as Chairperson (b)A senior Judge of the Supreme Court or a Chief Justice of High Court (c)Secretary in the Ministry of Corporate Affairs.(d)Secretary in the Ministry of Law and Justice and (e)Secretary in the Department of Financial Services in the Ministry of Finance.