NCLT

Difference between ‘Adjudicating Authorities’ & ‘Court’: NCLAT clarifies

Goods and Services Tax - Adjudicating Authorities cannot possess the power to direct the Central Government to conduct/order the investigation against any company. Taking a look at Section 210(3) of the Act, it is clear that the Central Government ought to conduct an investigation into the affairs of the Company by appointing an inspector and obtain his report th...

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Condonation of INC-28 for NCLT order under IBC

Goods and Services Tax - MCA vide its General Circular No. 08/2020 dated 6th march 2020 mandated the filing of NCLT order for CIRP or Liquidation process under the IBC 2016. This circular provides for the mandatorily filing of INC-28 for NCLT order to Registrar of Companies on the part of IRP (Interim Resolution Professional) or RP (Resolution Professional). Furt...

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February 2020- Monthly Statutory updates

Goods and Services Tax - The monthly Newsletter – encompasses MCA notifications issued in the month of February 2020, informal Guidances given by SEBI on  SEBI SBEB , Takeover and Insider Trading Regulations and NCLT judgement in Videocon Insolvency case. Independent Directors who could not get themselves registered on IICA databank can rest easy. The deadlin...

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Can a settlement come in record if NCLT bench have passed CIRP order?

Goods and Services Tax - The Insolvency and Bankruptcy Code, 2016 (Code) is a Codification of Sections of various previous Acts to deal with corporate insolvency and bankruptcy. Hailed as a comprehensive economic reform, IBC was hailed as the fastest and most effective tool to recover bad debt....

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OTS Proposal is An Acknowledgement of Debt: NCLT

Goods and Services Tax - An OTS is a legitimate and valid acknowledgement of debt on the part of the Corporate Debtor and this just goes to show the liberal and pragmatic view of the NCLT while deciding such applications under Section 7. Unless overruled, this decision would set course for similar Section 7 applications in the future....

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SC order binding on everyone in India; NCLT benches to remain close till 31.03.2020

Goods and Services Tax - National Company Law Tribunal 6th Floor, Block-3, CGO Complex, Lodhi Road New Delhi-110003 Dated: 24.3.2020 NOTICE 1.With regard to Limitation,it is clear that the order dated 23.3.2020 passed by Hon’ble Supreme Court in suo motu WP-03/2020 is binding on everyone in India,for further clarification,it is hereby clarified that the lit...

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NCLAT & NCLT members to stick to time limits to cut delays in insolvency cases

Goods and Services Tax - Justice Mukhopadhaya raised serious concerns with regard to the constant delays in insolvency proceedings and said that the Members of NCLAT and NCLTs must cut the time period of insolvency proceedings short and focus on quicker disposal of cases. He emphasised that there are only limited grounds to argue at the stage of admission and tha...

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Govt to set up National Company Law Appellate Tribunal Bench in Chennai

Goods and Services Tax - In pursuance of judgement of Hon’ble Supreme Court, the Government has decided to set up a bench of National Company Law Appellate Tribunal (NCLAT) at Chennai. This was stated by Shri Anurag Singh Thakur, Union Minister for State for Finance &Corporate Affairs, in a written reply to a question in Lok Sabha today....

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Debt recovery mechanism strengthened with enactment of IBC, 2016

Goods and Services Tax - Taking note of the recent successes in recovery of loans since the Insolvency and Bankruptcy Code, 2016 came into effect, the Survey proposes further strengthening of the National Company Law Tribunals (NCLT) and the appellate tribunal....

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9,073 cases under consideration in NCLT as on 31.01.2018

Goods and Services Tax - 9,073 cases are under consideration in NCLT, including 1,630 cases of Merger and Amalgamation; 2,511 cases of insolvency and 4,932 cases under other sections of Companies Act.  The Company Law Board (CLB) set up under Companies Act 1956 stands dissolved with the setting up of National Company Law Tribunal (NCLT). As on 12.03.2018, only o...

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Restore e-way facility for filing of GST returns: NCLT

Abhijit Guhathakurta R.P. for the 13 Videocon Group Companies Vs Central Goods & Services Department (National Company Law Tribunal) - NCLT directs the GST Department to (a) To restore the e-way facility for filing of the GST returns in respect of Corporate Debtors all Companies including Techno Electronics Limited currently under Corporate Insolvency Resolution Proceedings....

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Difference between ‘Adjudicating Authorities’ & ‘Court’: NCLAT clarifies

Vijay Pal Garg & Ors. Vs Pooja Bahry (NCLAT) - Adjudicating Authorities cannot possess the power to direct the Central Government to conduct/order the investigation against any company. Taking a look at Section 210(3) of the Act, it is clear that the Central Government ought to conduct an investigation into the affairs of the Company by appointi...

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Whether NCLT Moratorium Order covers pending GST proceedings

National Plywood Industries Ltd. Vs Union of India And Anr. (Gauhati High Court) - National Plywood Industries Ltd. Vs Union of India And Anr. (Gauhati High Court) In the given case the issue under consideration is whether the order of moratorium of the National Company Law Tribunal also covers the proceeding pending before the GST authorities under the GST Act 2017? The Hon’ble...

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IBC Act overrides GST Act- Liability to Pay GST after initiation of CIRP

T. R. Ravichandran Vs The Asst. Commissioner (ST) (NCLT) - T. R. Ravichandran, RP Vs The Asst. Commissioner (ST) (NCLT) As to provisions of GST Act, since Section 238 of the Insolvency and Bankruptcy Code having categorically mentioned that IBC will have over riding effect on all other laws which are in contravention to the provisions of the IBC, RI cannot ...

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Provision of IBC overrides GST: NCLT

T. R. Ravichandran, RP Vs Asst. Commissioner (ST) (NCLT) - T. R. Ravichandran, RP Vs The Asst. Commissioner (ST) (NCLT) Section 238 of the Insolvency and Bankruptcy Code having categorically mentioned that IBC will have over riding effect on all other laws which are in contravention to the provisions of the IBC, RI cannot raise an objection saying since no ...

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National Company Law Tribunal (Amendment) Rules, 2020

Notification No. G.S.R. 80(E) - (03/02/2020) - These rules may be called the National Company Law Tribunal (Amendment) Rules, 2020. They shall come into force on the date of their publication in the Official Gazette....

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MCA notifies rules for Posting and transfer of NCLT Members

Notification No. G.S.R. 682(E). - (23/09/2019) - Rule 15 A. Posting and transfer of Members. - (1) Initial posting of a Member shall be done by the Central Government in consultation with the President. (2) Subsequent transfers to different Benches shall be done by the President having regard ordinarily to the following:—...

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New Provision in Handbook of Procedure 2015-20 of cases referred to NCLT

Public Notice No. 39/2015-2020-DGFT - (18/10/2019) - A new para has been added in Chapter 2 of Foreign Trade Policy 2015-20 for operational modalities to be followed for the cases referred to National Company Law Tribunal vide Public Notice No. 39/2015-2020 dated: 18th October, 2019. Government of India Ministry of Commerce and Industry Department of ...

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New Provision in FTP 2015-20 of cases referred to NCLT

Notification No. 25/2015-2020-DGFT [S.O. 3752(E)] - (18/10/2019) - A new para has been added in Chapter 2 of Foreign Trade Policy 2015-20 about the cases referred to the National Company Law Tribunal vide Notification No. 25/2015-2020 dated 18th October 2019. Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign...

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CG delegates powers to appoint Officers/Staff to NCLT/NCALT

[F. No. A-12018/02/2017- Ad-IV/P] - (14/10/2019) - Central Government (CG) delegates its powers and functions under section 418(1) of Companies Act, 2013 to provide officers and other employees to the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCALT) to the President and Chairperson of the said  NCLT and N...

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Recent Posts in "NCLT"

Restore e-way facility for filing of GST returns: NCLT

Abhijit Guhathakurta R.P. for the 13 Videocon Group Companies Vs Central Goods & Services Department (National Company Law Tribunal)

NCLT directs the GST Department to (a) To restore the e-way facility for filing of the GST returns in respect of Corporate Debtors all Companies including Techno Electronics Limited currently under Corporate Insolvency Resolution Proceedings....

Read More

SC order binding on everyone in India; NCLT benches to remain close till 31.03.2020

National Company Law Tribunal 6th Floor, Block-3, CGO Complex, Lodhi Road New Delhi-110003 Dated: 24.3.2020 NOTICE 1.With regard to Limitation,it is clear that the order dated 23.3.2020 passed by Hon’ble Supreme Court in suo motu WP-03/2020 is binding on everyone in India,for further clarification,it is hereby clarified that the lit...

Read More

Difference between ‘Adjudicating Authorities’ & ‘Court’: NCLAT clarifies

Vijay Pal Garg & Ors. Vs Pooja Bahry (NCLAT)

Adjudicating Authorities cannot possess the power to direct the Central Government to conduct/order the investigation against any company. Taking a look at Section 210(3) of the Act, it is clear that the Central Government ought to conduct an investigation into the affairs of the Company by appointing an inspector and obtain his report th...

Read More

Condonation of INC-28 for NCLT order under IBC

MCA vide its General Circular No. 08/2020 dated 6th march 2020 mandated the filing of NCLT order for CIRP or Liquidation process under the IBC 2016. This circular provides for the mandatorily filing of INC-28 for NCLT order to Registrar of Companies on the part of IRP (Interim Resolution Professional) or RP (Resolution Professional). Furt...

Read More

NCLAT & NCLT members to stick to time limits to cut delays in insolvency cases

Justice Mukhopadhaya raised serious concerns with regard to the constant delays in insolvency proceedings and said that the Members of NCLAT and NCLTs must cut the time period of insolvency proceedings short and focus on quicker disposal of cases. He emphasised that there are only limited grounds to argue at the stage of admission and tha...

Read More

February 2020- Monthly Statutory updates

The monthly Newsletter – encompasses MCA notifications issued in the month of February 2020, informal Guidances given by SEBI on  SEBI SBEB , Takeover and Insider Trading Regulations and NCLT judgement in Videocon Insolvency case. Independent Directors who could not get themselves registered on IICA databank can rest easy. The deadlin...

Read More

Whether NCLT Moratorium Order covers pending GST proceedings

National Plywood Industries Ltd. Vs Union of India And Anr. (Gauhati High Court)

National Plywood Industries Ltd. Vs Union of India And Anr. (Gauhati High Court) In the given case the issue under consideration is whether the order of moratorium of the National Company Law Tribunal also covers the proceeding pending before the GST authorities under the GST Act 2017? The Hon’ble National Company Law Tribunal, Guwahati...

Read More

Can a settlement come in record if NCLT bench have passed CIRP order?

The Insolvency and Bankruptcy Code, 2016 (Code) is a Codification of Sections of various previous Acts to deal with corporate insolvency and bankruptcy. Hailed as a comprehensive economic reform, IBC was hailed as the fastest and most effective tool to recover bad debt....

Read More

National Company Law Tribunal (Amendment) Rules, 2020

Notification No. G.S.R. 80(E) (03/02/2020)

These rules may be called the National Company Law Tribunal (Amendment) Rules, 2020. They shall come into force on the date of their publication in the Official Gazette....

Read More

OTS Proposal is An Acknowledgement of Debt: NCLT

An OTS is a legitimate and valid acknowledgement of debt on the part of the Corporate Debtor and this just goes to show the liberal and pragmatic view of the NCLT while deciding such applications under Section 7. Unless overruled, this decision would set course for similar Section 7 applications in the future....

Read More

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