Government proposes to set up National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) to fast-track company law cases.They will replace Company Law Board, Board for Industrial and Financial Reconstruction and Appellate Authority for Industrial and Financial Reconstruction.A Ministry of Corporate Affairs release issued in New Delhi on Monday said, the tribunal that was proposed in the 2002 amendment to the Companies Act but was caught in a major legal wrangle and challenged in the Madras High Court.The matter was finally decided by the Supreme Court last year.The revised Companies Bill, 2011 introduced in the winter session of Parliament also incorporates the guidelines provided by the Supreme Court.AIR correspondent reports, NCLT would help expedite the approval process for merger and acquisitions in the private sector, a function of high courts.The tribunal would also allow timely unlocking of the value of distressed corporate assets, as it would take over the process of liquidation of companies, now performed by official liquidators attached to high courts.