Amended and updated notes on section 418A of the Companies Act 2013 as amended by the Companies (Amendment) Act, 2020 and Company Rules made there under. Detail discussion on provisions and rules related to Benches of Appellate Tribunal.
Chapter XXVII (Sections 407 to 434) of the Companies Act 2013 (CA 2013) deals with the provisions related to National Company Law Tribunal (NCLT) and Appellate Tribunal (NCLAT). Section 418A of CA 2013 provides for Benches of Appellate Tribunal.
Recently, we have discussed in detail section 418 (Staff of Tribunal and Appellate Tribunal) of CA 2013. Today, we learn the provisions of section 418A of the Companies Act 2013. The amended provision of section 418A is effective for the financial year 2020-21 onwards.
In this article, you will learn detail of the provisions of section 418A of the Companies Act 2013 Bare Act read with the relevant Company Rules 2021 as provided by Ministry of Corporate Affairs (MCA), Government of India.
Section 418A: Benches of Appellate Tribunal
Section 418A(1) of Companies Act
The powers of the Appellate Tribunal may be exercised by the Benches thereof to be constituted by the Chairperson:
Provided that a Bench of the Appellate Tribunal shall have at least one Judicial Member and one Technical Member.
Section 418A(2) of Companies Act
The Benches of the Appellate Tribunal shall ordinarily sit at New Delhi or such other places as the Central Government may, in consultation with the Chairperson, notify:
Provided that the Central Government may, by notification, after consultation with the Chairperson, establish such number of Benches of the Appellate Tribunal, as it may consider necessary, to hear appeals against any direction, decision or order referred to in section 53A of the Competition Act, 2002 and under section 61 of the Insolvency and Bankruptcy Code, 2016.
[Section 418A was inserted w.e.f. 22.01.2021 by the Companies (Amendment) Act, 2020 vide MCA Notification S.O. 325(E) dated 22.01.2021]