SC upholds constitutional validity of NCLT/NCLAT; gives conditional go ahead to make them functional

CL : The composition of Selection Committee contained in Section 412(2) of the Act, 2013 is unconstitutional as section does not confer a casting vote on the Chairperson of the Selection Committee(ie CJI or his nominee) as required by the judgement of Constitution Bench of the Supreme Court in Madras Bar Association case (2010)11 SCC 1 ( "the 2010 judgement") and the section provides for 5 member Selection Committee as against 4 member Selection Committee required by para 120(viii) of the 2010