NCLT Can Exercise Inherent Powers To Forward A Copy Of Its Order To Relevant Statutory Authorities For Necessary Action: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has upheld the inherent powers of the National Company Law Tribunal (NCLT) to forward its orders to various statutory authorities. The appellate tribunal clarified that the NCLT has the discretion to share insolvency-related orders with regulatory bodies for any ancillary actions that may be necessary, such as the cancellation of licenses held by the corporate debtor. This recognition of the NCLT's inherent powers aims to facilitate a more comprehensive and effective implementation of the IBC by ensuring that all relevant regulatory aspects are also addressed in coordination with the insolvency proceedings.