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Corporate Law : NCLAT set aside the Section 9 insolvency admission after both sides admitted the debt was below ₹1 crore and ordered refund of â...
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Fema / RBI : It is clarified that cases admitted with National Company Law Tribunal (NCLT)/National Company Law Appellate Tribunal (NCLAT) unde...
The NCLAT held that CFO nominees must satisfy the eligibility requirements under Section 203 of the Companies Act. It set aside the appointment order after finding the first two nominations were made through secondment arrangements and were ineligible.
The article examines the Hamlin Trust ruling, where the NCLAT held that CFO appointments must satisfy Section 203 eligibility requirements. It discusses the implications for private companies voluntarily appointing KMPs.
NCLAT held that a single application covering multiple years and company officers is maintainable in the absence of any statutory prohibition.
Tribunal held that proviso to Regulation 7A allows insolvency professionals to continue assignments already underway even after their Authorisation for Assignment expires. Ruling distinguishes continuation of existing assignments from acceptance of fresh assignments.
The NCLAT held that although the claim arose from the supply of goods and qualified as an operational debt, genuine disputes existed before the demand notice. As a result, insolvency proceedings under Section 9 of the IBC were held to be not maintainable.
NCLAT held that the appellant failed to prove the alleged deposit was made to the respondent company, as the records showed the money was credited to the Kerala Trade Centre. The appeal was dismissed with liberty to pursue remedies against the appropriate entity.
The NCLAT allowed the Extraordinary General Meeting (EOGM) to proceed but directed that any resolution passed at the meeting should not be implemented until the NCLT decides the pending company petition.
NCLT Kolkata held that a Senior Assistant Director of the SFIO could file a winding-up petition where the Central Government had issued a valid authorisation. The Tribunal dismissed the challenge to the petition’s maintainability.
The issue was whether Section 245 of the Companies Act applies only to continuing acts. The NCLAT held that claims involving damages and compensation may encompass past transactions, allowing class actions to proceed in appropriate cases.
Adjudicating Authority failed to properly examine whether the transactions underlying the Section 7 application were genuine financial debts or merely sham arrangements involving round-tripping and financial layering among related entities.
