The National Company Law Appellate Tribunals have been constituted by Central Government by notification with official Gazette. Any person aggrieved by an order of the Tribunal, can within 45 days file an appeal before the National Company Law Appellate Tribunal, which will pass orders after giving opportunity of hearing to the aggrieved party.
Part VI-A has been introduced into the companies Act, 1956 by the Companies (2nd Amendment 2002). Its enforcement will mean repeal of the sick Industrial Companies (Special Provisions) Act, 1985 and also abolition of the board of Industrial and Financial Reconstruction (BIFR). Such cases will go before the National Company Law Tribunal. Section 424A provides for such reference. The Board of Directors of a Sick Industrial Companies has to make a reference to the Tribunal. They have to prepare a scheme for its revival and rehabilitation and submit to the tribunal along with an application containing such particulars as may be preferred. The Tribunal is empowered to make suitable orders on completion of the Enquiry.
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