Constitution of National Company Law Tribunal and Appellate Tribunal

Constitution of National Company Law Tribunal and Appellate Tribunal
Sections 407 to 433 of the Companies Act, 2013 provide for constitution of National Company Law Tribunal and Appellate Tribunal and correspond to sections 10FB, 1OFC, 10 FD,10FE, 1OFF, 10FG, 10FH, 10FI, 10FJ, 10FK, 10FL, 1OFM, I0FN, 10FO and 10FP the Companies Act. 1956. They provide for the following:-
Constitution of National Company Law Tribunal

The Central Government shall, by notification, constitution with effect from such date as may be specified therein, a Tribunal to be known as the National Company Law Tribunal consisting of a President and such number of Judicial and Technical members, as the Central Government may deem necessary, to be appointed by it by notification. to exercise and discharge such powers and functions as are, or may be, conferred on it by or under this Act or any other law for the time being in force.
Qualifications for appointment of President and Members
The President shall be a person who is or has been a Judge of a High Court for five years. A person shall not be qualified for appointment as Judicial Member unless he-
a) Is, or has been, a judge of a High Court; or
b) Is, or has been, a District Judge for at least five years, or
c) Has, for at least ten years been an advocate of a court.
Explanation-For the purposes of clause (c), in computing the period during which a person has been an advocate of a court, there shall be included any period during which the person has held judicial office or the office of a member of a tribunal or any post, under the Union or a State, requiring special knowledge of law after he become an advocate.
A person shall not be qualified for appointment as Technical Member unless he-
a) has, for at least fifteen years been a member of the Indian Corporate Law Service or Indian Legal Service and has been holding the rank of Secretary or Additional Secretary to the Government; or
b) Is, or has been, in practice as a chartered accountant for at least fifteen years, or
c) Is, or has been, in practice as a cost accountant for at least fifteen years, or
d) Is, or has been, in practice as a company secretary for at least fifteen years; or
e) is a person of proven ability, integrity and standing having special knowledge and experience, of not less than fifteen years, in industrial finance, industrial management, industrial reconstruction, investment and accountancy; or
f) is, or has been, for at least five years, a presiding officer of a Labour Court, Tribunal or National Tribunal constituted under the Industrial Disputes Act, 1947.
Constitution of Appellate Tribunal
The Central Government shall, by notification, constitution, effect from such date as may be specified therein, an Appellate Tribunal to be known as the National Company Law Appellate Tribunal consisting of a chairperson and such number of Judicial and Technical Members, not exceeding eleven, as the Central Government may deem fit, to be appointed by it by notification, for hearing appeals against the folders of the Tribunal or of the National Financial Reporting Authority.
Qualifications of chairperson and Members of Appellate Tribunal
The chairperson shall be a person who is or has been a Judge of the Supreme Court or the Chief Justice of a High Court. A Judicial Member shall be a person who is or has been a Judge of a High Court or is a Judicial Member of the Tribunal for five years. A technical member shall be a person of proven ability, integrity and standing having special knowledge and professional experience of not less than twenty-five years in industrial finance, company registration in madurai,  industrial management, industrial reconstruction, investment, and accountancy.
Selection of Members of Tribunal and Appellate Tribunal
The President of the Tribunal and the chairperson and Judicial Members of the Appellate Tribunal, shall be appointed after consultation with the Chief Justice of India. The Members of the Tribunal and the Technical Members of the Appellate Tribunal shall be appointed on the recommendation of a Selection Committee consisting of-
a) Chief Justice of India or his nominee-Chairperson;
b) A senior Judge of the Supreme Court or Chief Justice of High Court-Member;
c) Secretary in the Ministry of Corporate Affairs-Member; and
d) Secretary in the Ministry of Law and Justice-Member.
Where in a meeting of the Selection Committee, there is equality of votes on any matter, the Chairperson shall have a casting vote. The Secretary, Ministry of Corporate Affairs of the company registration shall be the Convener of the Selection Committee. The Selection Committee shall determine its procedure for recommending persons under sub-section (2). No appointment of the Members of the Tribunal or the Appellate Tribunal shall be invalid merely by reason of any vacancy or any defect in the constitution of the Selection Committee.
Term of office of President, chairperson and other Members
The President and every other Member of the Tribunal shall hold office as such for a term of five years from the date on which he enters upon his office, but shall be eligible for reappointment for another term of five years.
A Member of the Tribunal shall hold office as such until he attains,-
a) In the case of the President, the age of sixty-seven years;
b) In the case of any other Member, the age of sixty-five years;
Provided that a person who has not completed fifty years of age shall not be eligible for appointment as Member. Provided further that the Member may retain his lien with his parent cadre or Ministry or Department, as the case may be, while holding office as such for a period not exceeding one year.
The chairperson or a Member of the Appellate Tribunal shall hold office as such for a term of five years from the date on which he enters upon his office, but shall be eligible for re-appointment for another term of five years.
A Member of the Appellate Tribunal shall hold office as such until he attains,-
a) In the case of the Chairperson, the age of seventy years,
b) In the case of any other Member, the age of sixty-seven years:
Provided that a person who has not completed fifty years of age shall not be eligible for appointment as Member: Provided further that the Member may retain his lien with his parent cadre or Ministry or Department, as the case may be, while holding office of the company as such for a period not exceeding one year.
Salary, allowances and other terms and conditions of service of Members

The salary, allowances and other terms and conditions of service of the Members of the Tribunal and the Appellate Tribunal shall be such as may be prescribed: Provided that neither the salary and allowances nor the other terms and conditions of service of the Members shall be varied to their disadvantage after their appointment.
Acting President and Chairperson of Tribunal or Appellate Tribunal
In the event of the occurrence of any vacancy in the office of the President or the Chairperson by reason of his death, as the President or the Chairperson, as the case may be, until the date on which a new President or Chairperson appointed in accordance with the provisions of this Act to fill such vacancy enters upon his office. When the President or the Chairperson of the company  is unable to discharge his functions owing to absence, illness or any other cause, the senior-most Member shall discharge the functions of the President or the Chairperson, as the case may be, until the date on which the President or the Chairperson resumes his duties.
Resignation of Members
The President, the Chairperson or any Member may, by notice in writing under his hand addressed to the Central Government, resign from his office: Provided that the President, the Chairperson, or the Member shall continue to hold office of company registration in madurai until the expiry of three months from the date of receipt of such notice by the Central Government or until a person duly appointed as his successor enters upon his office or until the expiry of his term of office, whichever is earliest.