[Section 419 notified w.e.f. 01.06.2016 vide Notification No. S. O. 1934 (E) dated 01.06.2016]
Section 419- Benches of Tribunal.[Corresponds to Section 10FL of the Companies Act, 1956]
(1) There shall be constituted such number of Benches of the Tribunal, as may, by notification, be specified by the Central Government.
(2) The Principal Bench of the Tribunal shall be at New Delhi which shall be presided over by the President of the Tribunal.
(3) The powers of the Tribunal shall be exercisable by Benches consisting of two Members out of whom one shall be a Judicial Member and the other shall be a Technical Member:
Provided that it shall be competent for the Members of the Tribunal authorised in this behalf to function as a Bench consisting of a single Judicial Member and exercise the powers of the Tribunal in respect of such class of cases or such matters pertaining to such class of cases, as the President may, by general or special order, specify:
Provided further that if at any stage of the hearing of any such case or matter, it appears to the Member that the case or matter is of such a nature that it ought to be heard by a Bench consisting of two Members, the case or matter may be transferred by the President, or, as the case may be, referred to him for transfer, to such Bench as the President may deem fit.
(4) The Central Government shall, by notification, establish such number of benches of the Tribunal, as it may consider necessary, to exercise the jurisdiction, powers and authority of the Adjudicating Authority conferred on such Tribunal by or under Part II of the Insolvency and Bankruptcy Code, 2016. [sub-section (4) substituted w.e.f.15.11.2016 vide Notification 37 dated 28.05.2016 (Insolvency and Bankruptcy Code, 2016) read with MCA Notification S.O.3453 (E) dated 15.11.2016]
(5) If the Members of a Bench differ in opinion on any point or points, it shall be decided according to the majority, if there is a majority, but if the Members are equally divided, they shall state the point or points on which they differ, and the case shall be referred by the President for hearing on such point or points by one or more of the other Members of the Tribunal and such point or points shall be decided according to the opinion of the majority of Members who have heard the case, including those who first heard it.
Prior to substitution w.e.f. 15.11.2016, sub-section (4) read as under:
(4) The President shall, for the disposal of any case relating to rehabilitation, restructuring, reviving [……], of companies, constitute one or more Special Benches consisting of three or more Members, majority necessarily being of Judicial Members. The words " or winding up " in sub-section (4) omitted by The Companies (Amendment) Act, 2015 w.e.f. 29.05.2015.