Section 407 of the Companies Act, 2013
Section 407 of the Companies Act, 2013 relates to the definition of "Tribunal" and "Appellate Tribunal" in the context of Chapter XXVII, which deals with the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT).
Section 407 – Definitions
Bare Act Text:
In this Chapter, unless the context otherwise requires,—
(a) “Tribunal” means the National Company Law Tribunal constituted under section 408;
(b) “Appellate Tribunal” means the National Company Law Appellate Tribunal constituted under section 410.
Explanation:
Tribunal = NCLT
It is the adjudicating authority for company-related matters like mergers, oppression/mismanagement, liquidation, etc.
Appellate Tribunal = NCLAT
It hears appeals against the orders of NCLT, Insolvency and Bankruptcy Board of India (IBBI), and Competition Commission of India (CCI).
Purpose of Section 407:
This section provides clarity on the usage of the terms "Tribunal" and "Appellate Tribunal" throughout Chapter XXVII of the Companies Act, 2013.
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