Empowering NCLAT: The Review Revolution

Abstract

NCLT is an established quasi-judicial body responsible for resolving civil corporate disputes brought about by the Companies Act. It was established under the Companies Act of 2013, and it has a number of powers and functions, including approving various schemes of arrangement and reconstruction, compounding offenses under the Companies Act, protecting shareholders, removing directors, and other powers and functions as provided for under the Companies Act of 2013 and other applicable laws. Its jurisdiction incorporates different company law issues as well as Insolvency and Bankruptcy Code (IBC) Cases. Class action lawsuits may be considered by it, and decisions made by it may be challenged before the National Company Law Appellate Tribunal (NCLAT) and, in certain situations, before the Supreme Court of India. Recalling a judgment often entails nullifying or reversing a court's ruling, frequently due to erroneous factual or procedural interpretations. It is a prerogative that the Tribunal naturally possesses, as stated under Rule 11. This chapter deals with the recent overriding judgment (Union Bank of India (Erstwhile Corporation Bank) vs. Dinkar T. Venkatasubramanian & Ors [(2023) ibclaw. in 381 NCLAT]) of the NCLAT’s reviewing power by referring to the previous judgment of Union Bank of India V. Financial Creditors of M/s. Amtek Auto Ltd. & Ors encourage readers to read the current judgment's contrast section, which asks, what would happen if NCLAT had the authority to review its decision?