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Persons Authorised to file Applications under Bankruptcy Code in NCLT

Company Law - 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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Whether Company can be Restored if no business conducted since many years

Company Law - 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

Company Law - In this flash tabloid, the writer initiates by speak of the provisions of Insolvency & Bankruptcy Code, 2016 (hereafter referred as IBC) in relation to power of NCLT to accept the application in against Guarantor in case of default by Corporate Debtor. As IBC code has prescribed the Corporate Debtor. The main shove of the article, is upon...

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Power of NCLT to accept or reject joint application filed by operational creditor

Company Law - 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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Procedure for Restoration of Struck off Companies Under Companies Act, 2013

Company Law - 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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MCA invite Comments on Draft NCLT related Rules under Companies Act, 2013

Company Law - 283 Sections of the Companies Act, 2013 have already been commenced. Remaining sections related to functioning of NCLT/NCLAT and certain other authorities are yet to be notified. In view of the Supreme Court order dated 14 th May, 2015, the process for constitution of NCLT/NCLAT has been undertaken and these bodies are likely to be set up...

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Companies Bill, 2011 – NCLT and NCLAT to replace Corporate Tribunals

Company Law - The 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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Corporate Ministry in talks with Law Ministry to implement SC suggestion on NCLT

Company Law - The ministry of corporate affairs has begun discussions with the law ministry to incorporate the suggestions made by the Supreme Court when it cleared the National Companies Law Tribunal (NCLT) in the Companies Bill that is with a Parliamentary Standing Committee....

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SC upheld legality of NCLT and NCLAT

Company Law - 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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SC judgment today on formation of the National Company Law Tribunal

Company Law - 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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NCLT seek opinion of ICAI on derogatory remarks of personal nature in Audit Report

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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NCLT imposes Rs. 10 Lakh Cost for seeking transfer of cases on minor excuses

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 ...

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NCLT Order levy of compounding fee of Rs. 3.39 Lakh for Non Appointment of CS

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 whic...

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Whether dispute raised by OC is bar for acceptance of petition under IBC

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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Whether Insolvency Proceedings can be initiated against Guarantor

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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Appoint counsels to represent cases before NCLT: CBDT to PrCCIT

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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Lodging of tax arrear claims of cases filed under IBC 2016 before NCLTs

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 shor...

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Lodging of tax arrear claims and impleading as a party before NCLTs

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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National Company Law Appellate Tribunal (Amendment) Rules, 2017

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 prac...

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National Company Law Tribunal (NCLT) (Amendment) Rules, 2017

G.S.R. ___ (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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nclt’s Popular Posts

Recent Posts in "nclt"

NCLT seek opinion of ICAI on derogatory remarks of personal nature in Audit Report

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....

Read More
Posted Under: Company Law |

Appoint counsels to represent cases before NCLT: CBDT to PrCCIT

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)....

Read More

NCLT imposes Rs. 10 Lakh Cost for seeking transfer of cases on minor excuses

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 […]...

Read More
Posted Under: Company Law | |

NCLT Order levy of compounding fee of Rs. 3.39 Lakh for Non Appointment of CS

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...

Read More
Posted Under: Company Law | |

Whether dispute raised by OC is bar for acceptance of petition under IBC

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...

Read More
Posted Under: Company Law | |

Whether Insolvency Proceedings can be initiated against Guarantor

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....

Read More
Posted Under: Company Law | |

Lodging of tax arrear claims of cases filed under IBC 2016 before NCLTs

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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Persons Authorised to file Applications under Bankruptcy Code in NCLT

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....

Read More
Posted Under: Company Law |

Whether Company can be Restored if no business conducted since many years

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...

Read More
Posted Under: Company Law |

Whether Insolvency Resolution Process against Guarantor could be Initiated on default in Repayment to Creditor

In this flash tabloid, the writer initiates by speak of the provisions of Insolvency & Bankruptcy Code, 2016 (hereafter referred as IBC) in relation to power of NCLT to accept the application in against Guarantor in case of default by Corporate Debtor. As IBC code has prescribed the Corporate Debtor. The main shove of the article, is upon...

Read More
Posted Under: Company Law |
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