It is already known that the NCLT and NCLAT are the Quasi-Judicial bodies that are set up to regulate and revolve disputes between civil corporations and deals with the cases relating to the corporate law and Indian Companies. 

NCLT

NATIONAL COMPANY LAW TRIBUNAL,

• The tribunal was established on 1st June 2016 under the Companies Act, 2013 by the government of India. 
• The tribunal has 16 benches namely 6 at New Delhi, 2 at Ahemdabad, 1 at Allahabad, 1 at Bengalaru, 1 at Chandigarh, 2 at Chennai, 1 at Cuttack, 1 at Guwahati, 3 at Hyderabad of which 1 is at Amaravathi 1 at Jaipur, 1 at Kochi, 2 at Kolkata and 5 at Mumbai. Within the two new benches that are approved to be set up are at Indore and Amaravathi though the Indore Bench is not notified yet.
• It is the adjudicating authority for the insolvency resolution process of Companies and Limited Liability Partnership under the Insolvency and Bankruptcy Code, 2016.
• All proceedings under the Companies Act including the ones relating to arbitration, compromise, arrangements, reconstruction and the winding up of Companies shall be disposed of National Company Law Tribunal
• The NCLT bench is headed by a judicial member who is either retired or a serving High Court Judge and a technical member who must be from the Indian Corporate Law Service, ICLS, cadre.

POWERS OF NCLT

It has the power to adjudicate following proceedings under the Companies Act, 1956:

• Cases initiated before the Company Law Board under the Companies Act 1956.
• Those pending before the Board for industrial and financial reconstruction including those pending under the sick Industrial Company act, 1985.
• Those pending before the Appellate authority for industrial and financial reconstruction.
• Pertaining to claims of operations and mismanagement of a Company, winding of the company all other powers prescribed under Companies Act, 1956

NCLAT

• It is a tribunal which was formed by the Central Government of India under section 410 of the Companies Act, 2013.
• It hears appeal from orders issued by the insolvency and bankruptcy board of India under section 202 and 211 of Insolvency and Bankruptcy Code, 2016
• It is a body having appellate jurisdiction.
• No cases can come to NCLAT directly, It must either come from NCLT under Section 221 of Companies act, 2013 or any other body gave in section 410 of Companies Act, 2013.
• It is designated as an appellate forum for orders passes by NFRA namely National Financial Reporting Authority and CCI (Competition Commission of India)
• NCLAT replaced the Competition Appellate Tribunal (COMPAT) as per part 14 of chapter 6 of Financial act, 2017.
• It has two benches throughout India, one at New Delhi and another at Chennai where the Chennai bench is yet to be functional.

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being. Further, despite all efforts that have been made to ensure the accuracy and correctness of the information published, White Code Legal and Tax shall not be responsible for any errors caused due to human error or otherwise.