Q. Which of the following statement about National Company Law Tribunal is not correct?
- It is a quasi-judicial body constituted under Section 408 of the Companies Act, 2013 in 2016.
- It was established based on the recommendation of the BalakrishnaEradi committeeon the law relating to insolvency and the winding up of companies.
Purpose: The tribunal deals with matters mainly related to companies law and insolvency law.
Term of Members: The Companies Act fixes the term of office of chairperson and members of all NCLTs at five years or 65 years, whichever is earlier.
Appeals: Decisions of the NCLT may be appealed to the National Company Law Appellate Tribunal (NCLAT). The decisions of NCLAT may further be appealed to the Supreme Court of India on a point of law.
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