Among the bright law students of the National Law University Delhi, the authors often encounter a question: Is the National Company Law Tribunal (NCLT) an Adjudicating Authority (AA), a tribunal, or a court under the Insolvency and Bankruptcy Code, 2016 (IBC)? The doubt arises because all orders under the IBC are issued in the name of the NCLT, and over time, it has assumed multiple roles under the Code.

The AA has, on several occasions, struck down regulations. For instance, it held the regulation providing for an invitation for expressions of interest as ultra vires the IBC. The Delhi High Court, however, set it aside, clarifying that the jurisdiction to examine the validity or legality of subordinate legislation does not vest in the AA. In another case, the AA ruled that the regulation

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