National Company Law Tribunal

Basic Understanding Of NCLT & NCLAT For Students

Corporate Law - Everyone knows High Court and Supreme Court but few People like CA/CS/Lawyers know NCLT & NCLAT. Lets through light on this topic in very simple language for better understanding of student and Public at Large. Introduction: – NCLT, National Company Law Tribunal is a quasi-judicial body to regulate and resolve Civil Corporate di...

Cyrus Mistry-Tatas feud: Rights of Minority shareholders compromised??

Corporate Law - NCLT, Mumbai Bench dismissed the petition filed by Cyrus Mistry who incidentally owns about 18.3% (including preference capital) of Tata Sons Limited. NCLT ruled that Tata Sons Limited has all the rights to remove its Executive Chairman and NCLT found no merit in Mistry’s  allegations of operational mismanagement and oppression of mino...

NCLT approval in case of conversion – Why & When….??

Corporate Law - We all know that The Companies Act, 2013 provides for conversion from one type of a company to another. A Private Company can convert itself into a Public Company merely by altering MOA and AOA but a Public Company can convert itself into a Private Company only after the approval of National Company Law Tribunal […]...

Key points while filing petition/application before NCLT court

Corporate Law - As we all knows that Central Government notified NCLT Rules, 2016 on 21st of July, 2016 through notification in the official gazette. The provisions specify the professionals i.e., Company Secretaries, Chartered Accountants and Advocates who can practice before the NCLT or NCLAT....

FAQs on Holding AGM through NCLT under Companies Act, 2013

Corporate Law - As per section 96 of CA, 2013, every Company (other than OPC) shall hold a general meeting annually (exclusive of any other meeting). But if any default is made in holding the annual general meeting of a Company u/s 96, then the Tribunal (NCLT) shall come into the picture....

Recommendations related to corporate compliance and governance

Corporate Law - Committee on review of penal provisions of Company Act 2013 submits final report to Shri Arun Jaitley. Recommends Restructuring of Corporate Offences to relieve Special Courts from adjudicating routine offences; De-clogging the NCLT. Made several recommendations related to corporate compliance and corporate governance ...

Government proposes to set up National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT)

Corporate Law - The Ministry of Corporate Affairs Government proposes to set up National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) which will replace Company Law Board, Board for Industrial and Financial Reconstruction and Appellate Authority for Industrial and Financial Reconstruction....

Government proposes to set up ‘National Company Law Tribunal’

Corporate Law - The Government has said that it proposes to set up a ‘National Company Law Tribunal’ to consolidate the powers and jurisdiction presently being exercised by various bodies namely, Company Law Board, Board for Industrial and Financial Reconstruction, High Courts and entrust it to the Tribunal. Stating this in written reply to a questio...

Corporate ministry started consultations on feasibility of setting up NCLT

Corporate Law - The ministry of corporate affairs (MCA) has started a round of consultations with the law ministry on the feasibility of setting up a National Company Law Tribunal (NCLT) in the next one year....

Government starts process to set up National Company Law Tribunal

Corporate Law - To set up a Company Law Tribunal without further delay, the Ministry of Corporate Affairs has begun consultations to make the necessary amendments in the Companies Act. The move comes in the backdrop of the Supreme Court judgment recommending changes in the existing Act to accommodate the tribunal within the constitutional framework....

Inappropriate act/ omission by CoC cannot be accepted

Rathi Graphic Technologies Limited Vs Raj Kumar Rathi And Others (NCLT Allahabad) - Held that a statutory institution like CoC which is in most of the cases represented by public financial institutions is expected to act in a fair and neutral manner so that the objects of IBC, 2016 can be achieved for the benefit of all....

NCLT admits plea for insolvency process initiation against personal guarantor

In re Anil Syal (NCLT) - From the report there does not appear any request of the Resolution Professional for issuance of the instructions for the purpose of conducting negotiations between the debtor and creditors for arriving at the repayment plan. Therefore, based on the reasons recorded in the report submitted by the Re...

Prospective Application of Notification raising IBC threshold for CIRP

Arrowline Organic Products Pvt. Ltd. Vs Rockwell Industries Limited (National Company Law Tribunal) - The Tribunal held that in the absence of any power of recall or review being available to the Tribunal, the present case at hand does not fall within the confines of Section 420 of the Companies Act, 2013 nor Rule 11 of the NCALT Rules, 2016. As recourse, the Applicant should have approached the App...

HC held incorporation of Company vitiated by fraud as Invalid

Mrs. Nagappan Swarnalatha Vs M/s. Colour Books Associates Private Limited (National Company Law Tribunal) - Mrs. Nagappan Swarnalatha Vs M/s. Colour Books Associates Private Limited (National Company Law Tribunal) 1) We hereby declared that the incorporation of M/s. Colour Books Associates Private Limited (Respondent No.1 Company, is vitiated by fraud and consequently, the Certificate of Incorporation dat...

IBC: Municipal Corporation cannot seal property of Corporate Debtor during CIRP moratorium period : NCLT

Asset Reconstruction Company (India) Pvt Ltd Vs Shivam Water Treaters Pvt Ltd (NCLT, Mumbai) - This is the case, where despite moratorium order, Municipal Authorities have sealed the Corporate Office/Registered Office of the Corporate Debtor. Section 238 of the IBC, 2016 provides the overriding effect. Moratorium order has been passed under Section14 of the IBC on 15.10.2018. After that Munic...

NCLAT invites application for appointment on Various Posts

Circular No. 2/1/2022-Estt./NCLAT - (21/02/2022) - Filling up of the posts in the National Company Law Appellate Tribunal on deputation basis. The National Company Law Appellate Tribunal invites applications for filling up of the following posts on deputation basis: -...

Constitution of benches at all NCLT Locations

File No. 10/03/2019-NCLT - (25/07/2019) - President, National Company Law Tribunal hereby constitutes the following Benches for the purpose of exercising and discharging the Tribunal's powers and functions:...

CG constitutes National Company Law Tribunal, Kochi Bench at Kochi

Notification No. S.O. 3683(E) - (27/07/2018) - Central Government hereby constitutes the National Company Law Tribunal, Kochi Bench at Kochi and for the said purpose hereby makes the following further amendments in the notification of the Government of India, Ministry of Corporate Affairs number S.O. 1935 (E), dated the 1st June, 2016, namely:...

CBDT on Decentralization of handling of cases under IBC 2016

F. No. 385/04/2018-IT(Budget) - (16/01/2018) - The undersigned is directed to say that by virtue of implementation of Insolvency & Bankruptcy Code (IBC) 2016 after the repeal of erstwhile Sick Industrial Companies Act (SICA). The necessity to decentralize handling of cases at the level of field formations has been felt as 11 National Company Law...

Restore ‘struck off’ companies under Companies Act, 2013: CBDT

F.No. 225/423/2017-ITA.II - (29/12/2017) - Board has decided that request/appeal for restoration of name of the 'struck off' company with retrospective date from the date of being 'struck off' shall be made by the income-tax department in following situations: i. where proceedings under section 143(3)/144/147/153A/153C/set-aside cases wer...

Recent Posts in "National Company Law Tribunal"

Inappropriate act/ omission by CoC cannot be accepted

Rathi Graphic Technologies Limited Vs Raj Kumar Rathi And Others (NCLT Allahabad)

Held that a statutory institution like CoC which is in most of the cases represented by public financial institutions is expected to act in a fair and neutral manner so that the objects of IBC, 2016 can be achieved for the benefit of all....

Posted Under: Company Law | |

NCLAT invites application for appointment on Various Posts

Circular No. 2/1/2022-Estt./NCLAT 21/02/2022

Filling up of the posts in the National Company Law Appellate Tribunal on deputation basis. The National Company Law Appellate Tribunal invites applications for filling up of the following posts on deputation basis: -...

NCLT admits plea for insolvency process initiation against personal guarantor

In re Anil Syal (NCLT)

From the report there does not appear any request of the Resolution Professional for issuance of the instructions for the purpose of conducting negotiations between the debtor and creditors for arriving at the repayment plan. Therefore, based on the reasons recorded in the report submitted by the Resolution Professional...

Posted Under: Company Law | |

Prospective Application of Notification raising IBC threshold for CIRP

Arrowline Organic Products Pvt. Ltd. Vs Rockwell Industries Limited (National Company Law Tribunal)

The Tribunal held that in the absence of any power of recall or review being available to the Tribunal, the present case at hand does not fall within the confines of Section 420 of the Companies Act, 2013 nor Rule 11 of the NCALT Rules, 2016. As recourse, the Applicant should have approached the Appellate Tribunal under Section 61 of the ...

Posted Under: Company Law | |

HC held incorporation of Company vitiated by fraud as Invalid

Mrs. Nagappan Swarnalatha Vs M/s. Colour Books Associates Private Limited (National Company Law Tribunal)

Mrs. Nagappan Swarnalatha Vs M/s. Colour Books Associates Private Limited (National Company Law Tribunal) 1) We hereby declared that the incorporation of M/s. Colour Books Associates Private Limited (Respondent No.1 Company, is vitiated by fraud and consequently, the Certificate of Incorporation dated 14th May, 2018 issued by the Governme...

Posted Under: Company Law | |

Constitution of benches at all NCLT Locations

File No. 10/03/2019-NCLT 25/07/2019

President, National Company Law Tribunal hereby constitutes the following Benches for the purpose of exercising and discharging the Tribunal's powers and functions:...

IBC: Municipal Corporation cannot seal property of Corporate Debtor during CIRP moratorium period : NCLT

Asset Reconstruction Company (India) Pvt Ltd Vs Shivam Water Treaters Pvt Ltd (NCLT, Mumbai)

This is the case, where despite moratorium order, Municipal Authorities have sealed the Corporate Office/Registered Office of the Corporate Debtor. Section 238 of the IBC, 2016 provides the overriding effect. Moratorium order has been passed under Section14 of the IBC on 15.10.2018. After that Municipal Corporation had no authority to sea...

Posted Under: Company Law | |

Application U/s 7 of IBC 2016 cannot be Admitted after Settlement between Parties : NCLAT

Gaurav Pandey Vs Eternity Investment Services Pvt. Ltd. & Anr. (National Company Law Appellate Tribunal)

Gaurav Pandey Vs Eternity Investment Services Pvt. Ltd. & Anr. (National Company Law Appellate Tribunal, Delhi) 30.11.2018 On 16th November, 2018 when the matter was taken up, the following order was passed : “Apart from other issues raised in the appeal it is contended by learned senior counsel representing the Appellant (Corporat...

Posted Under: Company Law | |

Basic Understanding Of NCLT & NCLAT For Students

Everyone knows High Court and Supreme Court but few People like CA/CS/Lawyers know NCLT & NCLAT. Lets through light on this topic in very simple language for better understanding of student and Public at Large. Introduction: – NCLT, National Company Law Tribunal is a quasi-judicial body to regulate and resolve Civil Corporate di...

Posted Under: Company Law |

Insolvency & Bankruptcy Code-Home buyers: Most outstanding judgement – reduction of voting share

Nikhil Mehta & Sons (HUF) & Ors vs M/s AMR Infrastructure Ltd (NCLT, New Delhi)

In a memorable and consequential judgement, in the matter of Nikhil Mehta & Sons (HUF)&Or’s vs M/s AMR Infrastructure Ltd (CA No. 811(PB/2018 in IB-02(pb)/2017, it has been upheld that the voting threshold in the IBC are merely directory in nature and that preference can be taken to decision taken by the largest percentage in th...

Posted Under: Company Law | |

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