(1) The President and every other Member of the Tribunal2(90) Tribunal means the National Company Law Tribunal constituted under section 408 shall hold office as such for a term of five years from the date on which he enters upon his office, but shall be eligible for re-appointment for another term of five years.
(2) A Member of the Tribunal shall hold office as such until he attains,—
(a) in the case of the President, the age of sixty-seven years;
(b) in the case of any other Member, the age of sixty-five years:
Provided that a person who has not completed fifty years of age shall not be eligible for appointment as Member:
Provided further that the Member may retain his lien with his parent cadre or Ministry or Department, as the case may be, while holding office as such for a period not exceeding one year.
(3) The chairperson or a Member of the Appellate Tribunal2(4) Appellate Tribunal means the National Company Law Appellate Tribunal constituted under section 410 shall hold office as such for a term of five years from the date on which he enters upon his office, but shall be eligible for re-appointment for another term of five years.
(4) A Member of the Appellate Tribunal shall hold office as such until he attains,—
(a) in the case of the Chairperson, the age of seventy years;
(b) in the case of any other Member, the age of sixty-seven years:
Provided that a person who has not completed fifty years of age shall not be eligible for appointment as Member:
Provided further that the Member may retain his lien with his parent cadre or Ministry or Department, as the case may be, while holding office as such for a period not exceeding one year.