Center appoints Justice Yogesh Khanna as acting chairman of NCLAT for three months | Today’s news
New Delhi: The Center has appointed Justice (R) Yogesh Khanna as Acting Chairman of the National Company Law Appellate Tribunal (NCLAT) for three months, ensuring continuity at the country’s highest appellate body for corporate insolvency and competition law matters after Justice (R) Ashok Bhushan completed his tenure.
According to a Ministry of Corporate Affairs (MCA) notification on Thursday, Khanna, who serves as a judicial member of NCLAT, will take charge with effect from July 5 for a period of three months or until the appointment of a regular chairman or further orders, whichever is earlier. The appointment was made under Rule 7 of the Tribunal (Conditions of Service) Rules, 2021.
The NCLAT hears appeals against orders passed by the National Company Law Tribunal (NCLT), the Insolvency and Bankruptcy Board of India (IBBI), the Competition Commission of India (CCI) and other authorities under the Companies Act, the Insolvency and Bankruptcy Act (IBC) and the Competition Act.
As an appellate forum for corporate insolvency and bankruptcy cases, mergers and acquisitions, corporate governance disputes and competition law matters, the Tribunal’s decisions often shape the implementation of the Insolvency and Bankruptcy Code and have a direct impact on creditors, investors, insolvency practitioners and companies undergoing insolvency resolution.
The president oversees the operation of the tribunal, assigns cases to panels, ensures timely processing of appeals and maintains consistency of court decisions. This role has become more important as the tribunal continues to deal with an increasing number of appeals arising from insolvency proceedings and competition law disputes.
Justice Ashok Bhushan, a former Supreme Court judge, completed his tenure as chairman of NCLAT on July 4 after guiding the appellate tribunal through several landmark decisions under the Insolvency and Bankruptcy Act and the Competition Act.
During his tenure, the tribunal heard several high-profile insolvency cases involving large corporate debtors, as well as appeals against Competition Commission orders relating to large technology companies and digital marketplaces.
