Summary: The National Company Law Tribunal was created to consolidate fragmented corporate dispute resolution into a unified forum. However, the tribunalisation experiment has proven contentious, with critics questioning the adjudication quality, consistency, and constitutional validity. The absence of horizontal precedent between co-equal NCLT benches has created conflicting rulings and legal uncertainty. The Supreme Court has criticised the tribunal’s lack of domain expertise and judicial discipline. Successful international models in the UK and US suggest specialised court divisions, not separate tribunals, may have been a more effective approach.