Section 419 of the Companies Act, 2013
Section 419 of the Companies Act, 2013
"Benches of Tribunal"
📘 Bare Act Summary:
Section 419 deals with the constitution and functioning of benches of the National Company Law Tribunal (NCLT).
🔍 Key Provisions:
Constitution of Benches (Sub-section 1):
The NCLT shall exercise its powers through Benches, constituted by the President of the Tribunal.
Location of Benches (Sub-section 2):
The Principal Bench is located in New Delhi, presided over by the President of the Tribunal.
The Central Government may notify other regional benches in different parts of India.
Composition (Sub-section 3):
A Bench of the Tribunal shall ordinarily consist of:
One Judicial Member and
One Technical Member
Transfer of Cases (Sub-section 4):
The President may transfer any case from one Bench to another in the interest of justice after recording reasons.
Decision in Case of Difference of Opinion (Sub-section 5):
If members of a Bench differ in opinion:
They shall state the point(s) of difference.
The matter shall be referred to a third Member.
The decision of the majority (i.e., any two of the three Members) shall be binding.
🧑⚖️ Objective:
To ensure efficient functioning of the NCLT.
To decentralize operations for better access to justice in company law matters.
To streamline the corporate adjudication process in India.
RELATED Blog
0 comments