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...
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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 ...
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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...
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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:...
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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...
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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...
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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...
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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...
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M/s. Real Image LLP Vs M/s. Qube Cinema Technologies Private Limited (NCLT) -
M/s. Real Image LLP Vs M/s. Qube Cinema Technologies Private Limited (NCLT) Legislative intention behind enacting both the LLP act 2008 and The Companies Act 2013 is to facilitate the ease of doing business and create a desirable business atmosphere for companies and LLPs. For this purpose, both the Acts have provided provisions for...
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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 ...
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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:—...
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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...
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M/s. Kediya Ceramics (NCLT Ahemdabad) -
A partnership firm can participate in a scheme of amalgamation only after converting itself into a company under section 366 of the Act. Since the vesting of properties and liabilities of such partnership firm to the company is by operation of law [Section 368 of the Act], the succession is exempt from capital gains tax pursuant to the pr...
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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 […]...
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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....
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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 Tribunal (NCLT) benches having territor...
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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 were already in progress; or
ii where pr...
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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....
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The NCLAT held that that in the absence of any provision in IBC, the Limitation Act, 1963 would not be applicable to initiation of Corporate Insolvency Resolution Process. The NCLAT further observed:...
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Punita Khatter Vs. Explorers Travels & Tours (P) Ltd. (National Company Law Tribunal Delhi) -
Representatives from the Institute of Chartered Accountant have prayed for some time to assist this Bench whether disparaging remarks of a personal nature would fall within the purview of a Chartered Accountant to be mentioned in the Audit report....
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F.No.278/M-52/2003-ITJ(Pt.) -
(08/11/2017) -
On June 01,2016, the Ministry of Corporate Affairs(MCA) published a notification regarding the constitution of National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal(NCLAT)....
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Cyrus Investment & Anr Vs. Tata Sons Ltd. & Ors. (National Company Law Tribunal) -
Cyrus Investment & Anr Vs. Tata Sons Ltd. & Ors. (National Company Law Tribunal) A perusal of the aforesaid prayer does not leave any manner of doubt that the prayer was made for entrusting the Company Petition No. 82/2016 to such Bench of the NCLT as may be appropriate for hearing the same on the […]...
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Re. Atyati Technologies Private Limited (National Company Law Tribunal Bangalore) -
If a company contravenes the provisions of this section, the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees and every director and key managerial personnel of the company who is in default shall be punishable with fine which may extend to fifty thousand rupees an...
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Anil Steels V. A.D. Electro Steel Co. (P.) Ltd (NCLT Kolkata Bench) -
Whether Corporate Debtor can bar the NCLT to accept the petition of Operational Creditor by raising a dispute on the Demand Notice...
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IDBI Bank Ltd. V. BCC Estate (P.) Ltd (NCLT Ahmedabad) -
Whether Creditor can file application against Corporate Guarantor in case of default by Principle Debtor and petition against principle debtor has already been admitted under the Insolvency & Bankruptcy Code, 2016....
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F. No. DIT(RI/DIFR/2017-18/ -
(28/09/2017) -
In this connection the region wise jurisdiction of companies, against whom insolvency proceedings have been initiated under The Insolvency Bankruptcy Code 2016 (IBC 2016 in short) as available under the icon Public Announcement in the website of Insolvency and Bankruptcy Board Of India (IBBI in short), has been identified from the PAN Dir...
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Palogix Infrastructure Private Limited Vs. ICICI Bank Limited (NCLAT Delhi) -
The National Company Law Appellate Tribunal [NCLAT] Judgment dated Sept. 20, 2017 wherein it has been held that a Power of Attorney [POA] Holder is not authorised to file proceedings under IBC and only an 'Authorised Representative' by the Board of Directors can file the same....
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In this Flash editorial, the author begins by referring the provisions of section 252 of Companies Act, 2013 relating to Revival of Companies Struck off from the record of the Registrar. The main thrust of the article, however, is upon the WHETHER COMPANY CAN BE RESTORE IF NO BUSINESS CONDUCTED SINCE MANY YEARS...
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WHETHER INSOLVENCY RESOLUTION PROCESS AGAINST GUARANTOR COULD BE INITIATED ON DEFAULT IN REPAYMENT TO CREDITOR...
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Power is given to Operational Creditor’s u/s 8 and 9 to file application against the corporate debtor in case of default in payment. As per language of Section 8 An operational creditor may, on the occurrence of a default, deliver a demand notice of unpaid operational debtor copy of an invoice demanding payment of the amount involved in...
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F. No. Addl. DIT (R)/BIFR/2017-18/8/733 -
(20/09/2017) -
The Directorate looks after the cases of sick companies which require rehabilitation/ resolution of sickness. Previously the sick companies used to move Board for Industrial and Financial Reconstruction (BIER) under the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). ...
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CS Vipin Kumar Mittal Keeping in view of the Section 248 to 252 of the Companies Act, 2013 (the Act), as notified by Ministry of Corporate Affairs (MCA) w.e.f. 26th December, 2016 and Rule 87A of the National Company Law Tribunal (NCLT) (Amendment) Rules, 2017 as notified by MCA w.e.f. 5th July, 2017, I have […]...
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Government has Constituted 11 Benches of NCLT, out of which 2 will be the Principal Bench, which shall be Preside at New Delhi.And the regional bench territory authority is in Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, Mumbai....
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Section 66 which is the governing provision for Reduction of Share Capital of a company is one amongst those sections notified on 07th December, 2016. Immediately, thereafter, MCA has further, notified the National Company Law Tribunal (Procedure for Reduction of Share Capital of Company) Rules, 2016 on 15th December, 2016....
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G.S.R. 1061(E). -
(23/08/2017) -
“63. Appearance of authorised representative.- (1) Subject to provisions of section 432 of the Act, a party to any proceedings or appeal before the Appellate Tribunal may either appear in person or authorise one or more chartered accountants or company secretaries or cost accountants or legal practitioners or any other person to present...
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High percentage of non-compliance of the Companies Act and Rules, the Ministry of Corporate Affairs (MCA) with Registrar of Companies (ROC) had issued show cause notices to various companies. After that various companies received notice regarding removal of name of a company from the register of companies as per sub section (1) of section...
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Capital reduction is a commonly adopted tool by companies for re-engineering their capital structure. The need for reducing share capital may arise owing to a number of reasons, such as returning excess funds to the shareholders, adjustment of accumulated losses, minority squeeze out, improving EPS, producing a more efficient capital stru...
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In general parlance, if we consider our global business, it is the fusion of Assets and Liabilities which generates the revenue or surplus or profit, whatever may be terms but finally ends up with one five letter word MONEY for the company....
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In this Flash editorial, the author begins by referring the provisions of section 248(1) of Companies Act, 2013 relating to Power of Registrar to remove name of company from register of companies and provisions of section 252 relating to REVIVAL OF COMPANIES STRUCK off from the record of the Registrar....
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In this article, it is specifically discussed about the Revival/ Restoration of Struck off Companies under section 248 of the Companies Act (the Act) under Section 252 of the Companies Act, 2013 read with National Company Law Tribunals Rules, 2016 (As amended till 05-07-2017) by making an appeal to Tribunal....
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G.S.R. 840 (E) -
(05/07/2017) -
"87A. Appeal or application under sub-section (1) and sub-section (3) of section 252. - (1) An appeal under sub-section (1) or an application under sub-section (3) of section 252, may be filed before the Tribunal in Form No. NCLT. 9, with such modifications as may be necessary....
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Code will facilitate early, transparent and fair resolution of liquidity problems. Hence, the position of lenders under the Code is much better compared to earlier laws as discussed above. Therefore, there is no justification whatsoever in RBI directive to banks to create provision of 50% of the outstanding debt at the time of application...
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In this Flash editorial column, the author begins by referring the provisions of Insolvency and Bankruptcy Code, 2016 in relation to section 238 of IBC Code, 2016....
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In this Flash editorial column, the author begins by referring the provisions of Operational & Financial Creditor of Insolvency and Bankruptcy Code, 2016 in relation to Treatment of Advance for Real Estate Project....
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In this Flash editorial column, the author begins by referring the provisions of Insolvency and Bankruptcy Code, 2016 in relation to Times Lines given under IBC Code, 2016....
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In this Flash editorial, the author begins by referring the provisions of Section 9(3) (c) of IBC, 2016 in relation to Certificate from Financial Institution. Since the code come into effect from December 2016 all the applicants/ creditors have begun to file applications under the Code. ...
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In this Flash editorial, the author begins by referring the provisions of rules 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 in relation to Deliver of Notice at registered office of Corporate Debtor....
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Re. M/S UW International Training & Education Centre for Health Pvt. Ltd. (NCLT Delhi) -
NCLT held that the principle of imposition of minimum penalty is non-mandatory in compounding of offenses cases, it is necessary to define and understand offense. The term offence has been defined by s 3(38) of General Clauses Act, as any act or omission made punishable by any law for the time being in force....
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Parker Hannifin India Private Limited v/s Prowess International Private Limited (NCLT Kolkata) -
NCLT has cleared that once a petition is admitted by the NCLT under IBC, both the parties have no right to withdraw the petition. As it can say IBC is not a Recovery Law it is Revival Law....
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In this article, the author describes the Section of the Companies Act, 2013 and respective rules thereof for conversion of the public company into a private company under which the Company already being registered can be converted subject to the provisions of this act and procedure to be followed. I have prepared a checklist for the proc...
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Re. Parker Hannifin India Private Limited (NCLT Kolkata) -
After admission of Petition under IBC 2016, the nature of petition changes to representative suit and the lis does not remain only between Operational Creditor and Operational Debtor. Therefore, Operational Creditor and Operational Debtor alone have no right to withdraw the Petition after admission....
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Teamasia Semiconductors (India) Ltd. & Ors., In re (National Company law Tribunal Hyderabad) -
the issue to be decided in the present case is whether the National Company Law Tribunal is having power to allow the applicants to compound the offence in question, especially when prosecution was already initiated and the same is in advance stage....
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NA -
(17/05/2017) -
The time for compliance of rule 5 of the Companies (Transfer of Proceedings) Rules, 2016 has been extended to six months from 15th December 2016 vide Notification No. GSR 175(E) dated 28th February, 2017 to six months from 15th December 2016....
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In this Flash editorial, the auditor begins by referring the provisions of section 203 of Companies Act, 2013 and Section 383A of Companies Act, 1956 concerning to the whole time Company Secretary of the Company also makes an endeavor to light up on provisions of penalty on non appointment Company Secretary via decided case laws. ...
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Re. JVA Trading Private Limited (National Company Law Tribunal) -
In relation to the dispensation of the meeting of the equity shareholders of the Transferor Company is concerned we are not inclined to grant dispensation taking into consideration the provisions of Companies Act, 2013 and the rules framed there under both of which expressly do not clothe this Tribunal with the power of dispensation in re...
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Article compiles Checklist for the Alteration of Share Capital under Section 61 of Companies Act, 2013 together with NCLT Rules, 2016....
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Article explains Role of Company Secretary In National Company Law Tribunal (NCLT) & National Company Law Appellate Tribunal (NCLAT)...
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Articles compiles Checklist for Change in Financial Year under Section 2(41) of Companies Act, 2013 keeping in view the NCLT Rules, 2016 with procedural aspects and forms to be filed. ...
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Article compiles Checklist for Voluntary Revision of Financial statement or Board’s Report under Section 131 of Companies Act, 2013 keeping in view the NCLT Rules, 2016....
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M/s. Gopala Polyplast Ltd. & Ors. Vs Registrar of Companies, Ahemdabad, Gujarat -
The Appellant being not satisfied with the compounding of fine has challenged the order dated 30th September, 2016 passed by National Company Law Tribunal, (hereinafter referred to as the Tribunal), Ahmedabad Bench, in TP No.154/621A/NCLT/AHM/2016 (New), CA No.90/621A/CLB/MB/2013 (Old)....
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Mergers and amalgamations are vital corporate transactions and completely overhaul and transform the structure of the merging entities. A ‘merger’ is a combination of two or more entities into one; the desired effect being not just the accumulation of assets and liabilities of the distinct entities, but organization of such entity int...
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No.A-12023/2/2017-Ad.IV(i) -
(08/03/2017) -
Filling up of 12 posts of Technical Member in the National Company Law Tribunal (NCLT) - inviting applications for- selected candidates will be required to serve at any of the already constituted NCLT benches or benches to be constituted in future in different parts of the country in a phased manner ...
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A comparison between the National Company Law Tribunal (Procedure for reduction of share capital of Company) Rules, 2016[1](herein after referred to as the New Rules), the Draft National Company Law Tribunal Rules, 2015[2](herein after referred to as Draft Rules)...
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Article analyses section 230 of Companies Act, 2013 which deals with Power to Compromise or Make Arrangements with Creditors and Members. ...
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G.S.R. 1159(E) -
(20/12/2016) -
These rules may be called the National Company Law Tribunal (Amendment) Rules, 2016. They shall come into force on date of their publication in Official Gazette....
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In case of reduction of share capital, company cancels any paid-up share capital which is lost or is unrepresented by available assets or pays off excess paid-up share capital. ...
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G.S.R. 3677(E) -
(15/12/2016) -
These rules may be called National Company Law Tribunal (Procedure for reduction of share capital of Company) Rules, 2016 and applicable from 15.12.2016....
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Proceedings relating to following shall stand transferred to Benches of the NCLT Tribunal- Arbitration, Compromise, Arrangements and Reconstruction...
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NCLT, while exercising the power of rectification under section 254(2), can recall its order in its entirety if it is satisfied that prejudice has resulted to the party which is attributable to the Tribunal’s mistake, error or omission...
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Applicant can appear before the Tribunal or the Appellate Tribunal in person or can authorise a chartered accountant, company secretary, cost and works accountant or a lawyer to appear before NCLT, NCLAT....
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MCA vide its Notification dated 9th September, 2016,has enforced few more sections of the Companies Act, 2013. It is pertinent to note here that considering the MCA Notification dated 1st June, 2016[2], it seems that the current Notification has been brought in order to plug the missing gaps left after the June Notification. ...
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S.O. 2563(E) -
(28/07/2016) -
Central Government hereby appoints following persons as Judicial and Technical Members in the National Company Law Tribunal in the pay scale of Rs. 67000-79000/- with effect from the dates mentioned against each for a period of five years or till he attains the age of sixty five years, whichever is earlier:-...
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G.S.R. 716(E) -
(21/07/2016) -
1. Short title and commencement.- (1) These rules may be called the National Company Law Tribunal Rules, 2016. (2)They shall come into force on the date of their publication in the Official Gazette....
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G.S.R..... (E) -
(21/07/2016) -
1. Short title and commencement.- (1) These rules may be called the National Company Law Appellate Tribunal Rules, 2016. (2)They shall come into force on the date of their publication in the Official Gazette....
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File No. 10/03/2016-NCLT -
(05/07/2016) -
In exercise of the powers conferred by Section 419 of the Companies Act, 2013 the President, National Company Law Tribunal hereby constitutes the following Benches for the purpose of exercising and discharging the Tribunal's powers and functions....
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S.O. 1936(E) -
(01/06/2016) -
Central Government hereby appoints the 01st day of June, 2016, on which all matters or proceedings or cases pending before the Board of Company Law Administration (Company Law Board) shall stand transferred to the National Company Law Tribunal ...
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Notification No. S.O. 1935(E) -
(01/06/2016) -
In exercise of the powers conferred by sub-section (1) of section 419 of the Companies Act, 2013 (18 of 2013), the Central Government hereby constitutes the following Benches of the National Company Law Tribunal mentioned in column (2) of the table below, located at the place mentioned in column (3) and to exercise the jurisdiction over t...
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Notification No. S.O. 1934(E) -
(01/06/2016) -
In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 20l3 (18 of 20l3), the Central Government hereby appoints the 01st day of June, 2016 as the date on which the following provisions of the said Act shall come into force, namely :—...
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Notification No. S.O. 1933 (E) -
(01/06/2016) -
Govt constitutes National Company Law Appellate Tribunal (NCLAT) for hearing appeals against orders of National Company Law Tribunal (NCLT)....
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Notification No. S.O. 1932(E) -
(01/06/2016) -
Central Government hereby constitutes the National Company Law Tribunal to exercise and discharge the powers and functions as are, or may be, conferred on it by or under the said Act with effect from the 1st day of June, 2016....
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It has been more than 15 years that we first heard about National Company Law Tribunal [NCLT] & National Company Law Appellate Tribunal [NCLAT]. Way back in 2001. Why did it take so long for a body like this to be a reality? Why did it not see any light of the day so far? What caused the delay? ...
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The Companies (Second Amendment) Act, 2002 had provided for the setting up of a NCLT and Appellate Tribunal to replace the existing Company Law Board and Board for Industrial and Financial Reconstruction. NCLT would be dealing in various matters pertaining to winding up of Companies, Revival and Restructuring which presently hitherto fall...
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Madras Bar Association Vs Union of India & ANR. (Supreme Court of India) -
MADRAS BAR ASSOCIATION Vs. UNION OF INDIA & ANR. (Supreme Court) The petitioner felt aggrieved by that part of the judgment vide which establishments of NCLT and NCLAT was held to be Constitutional....
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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....
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Union of India Vs. R. Gandhi (Supreme Court of India) -
The National Company Law Tribunal (NCLT) was expected to take over the role of the High Court (in dealing with company law matters such as sanctioning of schemes of arrangement, ordering winding up of companies, dealing with petitions for oppression and mismanagement and the like), the Company Law Board (CLB) and the Board of Industrial a...
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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...
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I am very happy to see the judgment of the Supreme Court on National Company Law Tribunal. I have read the judgment of Justice Jayasimha Babu of Madras High Court regarding the constitution of National Company Law Tribunal and Appellate Tribunal in the Writ Petition preferred by Madras Bar Association many times....
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The Corporate Affairs Ministry has termed the Supreme Court verdict disallowing civil servants belonging to the Indian Corporate Law Service (ICLS) from being members of the proposed National Company Law Tribunal (NCLT) as “disappointing.” The Ministry indicated that the matter may go back to a Constitution Bench of the apex court for...
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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....
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The Supreme Court’s Order Last Week on the constitution of the National Company Law Tribunal brings two important factors to the fore. One, Parliament has the power to create tribunals for quick dispensation of justice, and it can transfer judicial functions traditionally performed by courts to tribunals, where the Constitution allows....
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Everybody knows that the legislature has proposed to constitute a special tribunal to deal with the issues under the Companies Act, 1956 through Companies (Second Amendment) Act, 2002. The constitution of National Company Law Tribunal and Appellate Tribunal is challenged by the Madras Bar before the High Court of Madras. Justice Jayasimh...
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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....
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The Challenge to the NCLT & NCALT: The five-judge Constitution Bench of the Supreme Court of India Justice KG Balakrishnan, Justice RV Raveendran, Justice DK Jain, Justice P Sathasivam and Justice JM Panchal has delivered its judgment on the legality of the constitution of National Company Law Tribunal and National Company Law Appellate T...
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UOI Vs. R. Gandhi (Supreme Court of India) -
UOI vs. R. Gandhi (Supreme Court – 5 Judges). Parliament is competent to constitute Tribunals for special Acts. However, the failure to ensure independence of judiciary and separation of judicial and executive power renders the Company Law Tribunal unconstitutional. Suggestions given on how to remedy the defects....
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In a landmark judgment, a five-judge constitution bench of the Supreme Court on Tuesday upheld the legality of the Companies (Second Amendment) Act, 2002, providing for the establishment of the National Company Law Tribunal and National Company Law Appellate Tribunal to deal exclusively with the company cases for their speedy disposal. ...
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The five-judge Constitution Bench ruled that the National Company Law Tribunal can be set up only after amending the law. But, it did not decide on the fate of the National Tax Tribunal, another important body envisaged as a fast-track alternative disputes resolution mechanism....
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A five-judge Constitution bench of the Supreme Court will deliver on Tuesday a much-awaited judgment on the formation of the National Company Law Tribunal (NCLT). The decision is unanimous and it comes six years after the court admitted the appeal....
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We all know about the dispute resolution mechanism under the provisions of Companies Act, 1956. Till 2002 amendments to the Companies Act, 1956, significantly, the dispute resolution mechanism was vested with the Company Court and the Company Law Board. Company Court is nothing but High Court having jurisdiction to entertain certain compa...
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ICICI Bank Limited Vs Unimark Remedies Ltd. (NCLT, Mumbai) -
Spirit of the Code is first and then comes the other things. The rejection of the Resolution Plan by the CoC even without opening the envelope containing the Resolution Plan on the ground that the same is submitted after the expiry of the stipulated time fixed by the CoC, is certainly against the law/Code....
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