NCLAT admits Amazon's plea against CCI order on Future Coupons
- The CCI halted its earlier approval of Amazon's investment in Future Coupons on the grounds that the ecommerce firm did not provide sufficient disclosures, putting an end to the long-running legal struggle between Amazon and Future Group.
- National Company Law Appellate Tribunal (NCLAT) was constituted under Section 410 of the Companies Act, 2013.
- With effect from June 1, 2016, it hears appeals against orders of the National Company Law Tribunal(s).
- It is an Appellate Tribunal that hears appeals from NCLT(s) rulings made under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC).
- It is the Appellate Tribunal that hears appeals against the Insolvency and Bankruptcy Board of India's rulings made under Sections 202 and 211 of the IBC.
- The Appellate Tribunal is responsible for hearing and deciding appeals against any direction, decision, or order issued by the Competition Commission of India (CCI).
- The President of the Tribunal and the chairperson and Judicial Members of the Appellate Tribunal shall be appointed after consultation with the Chief Justice of India.
- The Members of the Tribunal and the Technical Members of the Appellate Tribunal shall be appointed on the recommendation of a Selection Committee consisting of:
- Chief Justice of India or his nominee—Chairperson.
- A senior Judge of the Supreme Court or a Chief Justice of High Court— Member.
- Secretary in the Ministry of Corporate Affairs—Member.
- Secretary in the Ministry of Law and Justice—Member.
- Secretary in the Department of Financial Services in the Ministry of Finance— Member.
Competition Commission of India:
- It is a statutory body of the Government of India, responsible for enforcing the Competition Act, 2002 throughout India and to prevent activities that have an adverse effect on competition.
Objectives of the Commission:
- To prevent practices having adverse effect on competition.
- To promote and sustain competition in markets.
- To protect the interests of consumers.
- To ensure freedom of trade.
The Competition Act:
- The Competition Act, 2002, as amended by the Competition (Amendment) Act, 2007, prohibits anti-competitive agreements, abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of control and M&A), which causes or likely to cause an appreciable adverse effect on competition within India.