Companies Act Section 442 — Mediation and Conciliation Panel
CHAPTER XXVIII SPECIAL COURTS
Commercial / Corporate
Summary
Sub-section (1) says the Central Government will maintain a panel of experts, called the Mediation and Conciliation Panel. The panel will have as many experts with such qualifications as may be prescribed, and its purpose is to mediate between parties while any proceedings are pending before the Central Government, the Tribunal, or the Appellate Tribunal under this Act.
Sub-section (2) allows any party to the proceedings to apply, at any time during the proceedings, to the Central Government, the Tribunal, or the Appellate Tribunal, as the case may be, in the prescribed form and with the prescribed fees, to refer the matter to the Mediation and Conciliation Panel. On receiving such an application, the Central Government, the Tribunal, or the Appellate Tribunal shall appoint one or more experts from the panel.
Sub-section (3) states that the Central Government, the Tribunal, or the Appellate Tribunal before which a proceeding is pending may, on its own motion (suo motu), refer any matter in that proceeding to such number of experts from the Mediation and Conciliation Panel as it deems fit.
Sub-section (4) says the fee and other terms and conditions of the experts on the Mediation and Conciliation Panel shall be as may be prescribed.
Sub-section (5) requires the Mediation and Conciliation Panel to follow such procedure as may be prescribed, dispose of the matter referred to it within three months from the date of reference, and forward its recommendations to the Central Government, the Tribunal, or the Appellate Tribunal, as the case may be.
Sub-section (6) states that any party aggrieved by the recommendation of the Mediation and Conciliation Panel may file objections to the Central Government, the Tribunal, or the Appellate Tribunal, as the case may be.
Official Text
(1) The Central Government shall maintain a panel of experts to be called as the Mediation and Conciliation Panel consisting of such number of experts having such qualifications as may be prescribed for mediation between the parties during the pendency of any proceedings before the Central Government or the Tribunal or the Appellate Tribunal under this Act.
(2) Any of the parties to the proceedings may, at any time during the proceedings before the Central Government or the Tribunal or the Appellate Tribunal, apply to the Central Government or the Tribunal or the Appellate Tribunal, as the case may be, in such form along with such fees as may be prescribed, for referring the matter pertaining to such proceedings to the Mediation and Conciliation Panel and the Central Government or the Tribunal or the Appellate Tribunal, as the case may be, shall appoint one or more experts from the panel referred to in sub-section (1).
(3) The Central Government or the Tribunal or the Appellate Tribunal before which any proceeding is pending may, suo motu, refer any matter pertaining to such proceeding to such number of experts from the Mediation and Conciliation Panel as the Central Government or the Tribunal or the Appellate Tribunal, as the case may be, deems fit.
(4) The fee and other terms and conditions of experts of the Mediation and Conciliation Panel shall be such as may be prescribed.
(5) The Mediation and Conciliation Panel shall follow such procedure as may be prescribed and dispose of the matter referred to it within a period of three months from the date of such reference and forward its recommendations to the Central Government or the Tribunal or the Appellate Tribunal, as the case may be.
(6) Any party aggreived by the recommendation of the Mediation and Conciliation Panel may file objections to the Central Government or the Tribunal or the Appellate Tribunal, as the case may be.