(1) The President shall be a person who is or has been a Judge of a High Court for five years.
(2) A person shall not be qualified for appointment as a Judicial Member unless he--
(a) is, or has been, a judge of a High Court; or
(b) is, or has been, a District Judge for at least five years; or
(c) has, for at least ten years been an advocate of a court.
Explanation.--For the purposes of clause (c), in computing the period during which a person has been an advocate of a court, there shall be included any period during which the person has held judicial office or the office of a member of a tribunal or any post, under the Union or a State, requiring special knowledge of law after he become an advocate.
(3) A person shall not be qualified for appointment as a Technical Member unless he--
(a) has, for at least fifteen years been a member of the Indian Corporate Law Service or Indian Legal Service 1[and has been holding the rank of Secretary or Additional Secretary to the Government of India]; or
(b) is, or has been, in practice as a chartered accountant for at least fifteen years; or
(c) is, or has been, in practice as a cost accountant for at least fifteen years; or
(d) is, or has been, in practice as a company secretary for at least fifteen years; or
2[(e) is a person of proven ability, integrity and standing having special knowledge and professional experience of not less than fifteen years in industrial finance, industrial management, industrial reconstruction, investment and accountancy.]
(f) is, or has been, for at least five years, a presiding officer of a Labour Court, Tribunal or National Tribunal constituted under the Industrial Disputes Act, 1947 (14 of 1947).
--------------------
1. Subs. by Act 1 of 2018, s. 82, for "out of which at
least three years shall be in the pay scale of Joint
Secretary to the Government of India or equivalent or above
in that service" (w.e.f 9-2-2018).
2. Subs. by s. 82, ibid., for clause (e) (w.e.f. 9-2-2018).
The Central Government shall, by notification, constitute, with effect from such date as may be specified therein, an Appellate Tribunal to be known as the National Company Law Appellate Tribunal consisting of a chairperson and such number of Judicial and Technical Members, 1***, as the Central Government may deem fit, to be appointed by it by notification, 2[for hearing appeals against--
(a) the 3[orders of the Tribunal or of the National Financial Reporting Authority] under this Act; and
(b) any direction, decision or order referred to in 4section 53A of the Competition Act, 2002 (12 of 2002) in accordance with the provisions of that Act].
----------------------
1. The words "not exceeding eleven" omitted by Act 29 of
2020, s. 58 (w.e.f. 22-1-2021).
2. Subs. by Act 7 of 2017, s. 172, for "for hearing appeals
against the orders to the Tribunal" (w.e.f. 26-5-2017).
3. Subs. by Act 1 of 2018, s. 83 for "orders of the
Tribunal" (w.e.f. 7-5-2018).
4. Subs. by Act 29 of 2020, s. 58, for "section 53N" (w.e.f.
22-1-2021).