WHY IN THE NEWS?

• Justice M. Venugopal has been named as the new Acting Chairperson of the appellate tribunal, National Company Law Appellate Tribunal (NCLAT). This is the third time in a row that an Acting Chairperson is at the helm of the NCLAT, after the retirement of permanent Chairperson Justice S J . Mukhopadhaya on March 14, 2020.
• The NCLAT was constituted under Section 410 of the Companies Act, 2013 for hearing appeals against the orders of the National Company Law Tribunal (NCLT).
• It is also an appellate tribunal for hearing appeals against the orders passed by NCLT under the Insolvency and Bankruptcy Code (IBC), and by the Insolvency and Bankruptcy Board of India (IBBI).
• It is also the appellate tribunal to hear and dispose of appeals against any direction issued or decision made or order passed by the Competition Commission of India (CCI).