• The  statutory  body  has  constituted  National  Company  Law  Tribunal  (NCLT)  under section 408 of the Companies Act, 2013
• It is a quasi-judicial body in nature.

Significance:

• Insolvency  and  Bankruptcy  Code,  2016  (Bankruptcy  Code),  also  provides  wide powers to the NCLT to adjudicate upon the ‘insolvency resolution process’ and liquidation of corporate debtors.
• NCLAT 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.