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NCLT

Under Section 408 of the Companies Act of 2013, the Central Government established the National Company Law Tribunal in 2016. The Company Law Board was replaced by the National Company Law Tribunal, a quasi-judicial organization established to oversee Indian firms.

NCLT

The Board for Industrial and Financial Reconstruction (BIFR), The Appellate Authority for Industrial and Financial Reconstruction (AAIFR), and the powers relating to winding up or restructuring and other provisions, vested in High Courts, are consolidated under the National Company Law Tribunal (NCLT).

As a result, all governing authority over Indian-registered corporations will be consolidated under the National Company Law Tribunal. The Company Law Board established by the Companies Act of 1956 has since been abolished with the creation of the NCLT and NCLAT.

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