About National Company Law Appellate Tribunal (NCLAT):
- It was constituted under Section 410 of the Companies Act, 2013 for hearing appeals against the orders of the National Company Law Tribunal(s) (NCLT), with effect from 1st June 2016.
- Functions:
- Hearing appeals against the orders passed by NCLT(s) under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC).
- To hear and dispose of appeals against any direction issued or decision made or order passed by the Competition Commission of India (CCI).
- It also hears and disposes of appeals against the orders of the National Financial Reporting Authority.
Key facts about the Competition Commission of India (CCI)
- The Competition Commission of India (CCI) was established in March 2009 by the Government of India under the Competition Act, 2002for the administration, implementation, and enforcement of the Act.
- It is a quasi-judicial body which gives opinions to statutory authorities and also deals with other cases.
- Composition of the CCI
- The Commission consists of one Chairperson and six Members who shall be appointed by the Central Government.
- The Chairperson and other Members shall be whole-time Members
- Objectives of this commission:
- It will eliminate practices having adverse effects on competition.
- To Promote and sustain competition.
- It helps in protecting the interests of consumers.
- Ensuring freedom of trade in the markets of India.
