Cabinet Nod For Company Law Tribunal

New Delhi, November 26: | Updated: Nov 27 2002, 05:30am hrs
The Cabinet has decided to set up a Company Law Tribunal (CLT) for settling disputes and working out rehabilitation and winding up packages for companies as part of its efforts to tackle industrial sickness.

A proposal to set up such a tribunal, empowered to settle the day-to-day disputes and other related issues of sick companies, was cleared by the Cabinet, sources said here on Tuesday.

The proposed tribunal will be a quasi-judicial body vested with powers now enjoyed by the Company Law Board (CLB) and the Board for Industrial and Financial Reconstruction (BIFR), as also the winding up powers enjoyed by the high courts, sources said.

The tribunal will come into being after the passage of Company Law (amendment) Bill, 2002, for the purpose, which the government intends to introduce soon.