Discuss the functioning of the National Company Law tribunal as enunciated in the law.

The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies. The NCLT was established under the Companies Act 2013 and was constituted on 1st June 2016 by the government of India & is based on the recommendation of the justice Eradi committee.

Here is a step-by-step breakdown of its functioning:

1. Jurisdiction: The NCLT has the power to adjudicate proceedings initiated before the Company Law Board under the old act (the Companies Act 1956). It also has the jurisdiction over the winding-up of companies, a power that was previously vested in the High Courts.

2. Structure: The NCLT is made up of a President and several Judicial and Technical members. The President is appointed by the Central Government and must have been a judge of a High Court for five years.

3. Procedure: The procedure of the NCLT is governed by the National Company Law Tribunal Rules, 2016. They provide for the procedure to be followed by the NCLT in regard to the receipt and registration of petitions, the proceedings before it, the powers it has, and the enforcement of its orders.

4. Powers: The NCLT has the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 while trying a suit. This includes the power to regulate its own procedure, and the procedure of any tribunal established by it.

5. Appeals: Any person aggrieved by an order or decision of the NCLT may appeal to the National Company Law Appellate Tribunal (NCLAT). Further appeals lie with the Supreme Court of India.

6. Insolvency and Bankruptcy Code: The NCLT also has the power to adjudicate matters pertaining to insolvency and liquidation of companies as per the Insolvency and Bankruptcy Code, 2016.

In conclusion, the NCLT plays a crucial role in the Indian legal system by providing a specialized forum for the adjudication of company law matters, and by helping in the speedy disposal of such matters.