Companies Act Section 2(90) Tribunal

Tribunal Section 2(90)

1. Judicial Body: 

A Tribunal, as per the Companies Act, 2013, refers to the National Company Law Tribunal (NCLT) constituted under Section 408, or the National Company Law Appellate Tribunal (NCLAT) constituted under Section 410, or any other Tribunal established or constituted under this Act or any previous company law.

2. Functions: 

Tribunals under the Companies Act, 2013, are quasi-judicial bodies empowered to adjudicate and resolve disputes and matters related to companies, including:

Company Law Matters: Applications related to company formation, mergers, amalgamations, and corporate restructuring.

Insolvency Proceedings: Adjudication of insolvency and bankruptcy cases under the Insolvency and Bankruptcy Code, 2016, concerning corporate entities.

Regulatory Compliance: Hearing appeals and grievances related to regulatory compliance issues under the Companies Act, 2013, and other applicable laws.

3. Powers: 

Tribunals have the authority to issue orders, directions, and judgments on matters brought before them, ensuring fair and impartial resolution of disputes in accordance with legal principles and statutory provisions.

4. Jurisdiction: 

The jurisdiction of Tribunals covers a wide range of company law and corporate governance issues, providing a specialized forum for resolving complex legal disputes and ensuring consistency in judicial decisions.

Importance:

Specialized Expertise: 

Tribunals bring specialized knowledge and expertise in company law matters, facilitating efficient and effective resolution of disputes within the corporate sector.  

Judicial Efficiency: 

By providing an alternative to traditional courts, Tribunals streamline adjudication processes and reduce litigation backlog, promoting judicial efficiency and timely resolution of disputes.

Legal Certainty: 

Tribunals uphold legal certainty and procedural fairness in corporate governance, enhancing investor confidence and regulatory compliance within the business community.