nclt

Basic Understanding Of NCLT & NCLAT For Students

Income Tax - 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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Reduction in share capital under Companies Act, 2013

Income Tax - Procedure For Reduction Of Share Capital Under Section 66 Read With NCLT (Procedure For Reduction Of Share Capital) Rules, 2016 i. Convene a Board Meeting to approve the reduction of share capital and fixing the date of general meeting of the company. ii. Hold the general meeting and have the Special Resolution passed. iii. File […...

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‘A New Avenue For Restructuring’- Merger of a LLP With a Company

Income Tax - Mergers and acquisitions (M&A) are the transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive pos...

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Playing Game Tactically: Race For Essar Steel (Analysis of Essar Steel Case)

Income Tax - In this case it is for the first time that the principles of Section 29A and circumstances of its applicability has been adjudged by the National Company Law Appellate Tribunal (hereinafter “NCLAT”). This judgment is not about maximization of value of entity at the time of bidding but focuses and restricts itself on the qualification ...

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Moratorium: Not Applicable to action U/s. 138 of Negotiable Instruments Act, 1881

Income Tax - This article is a critical analysis of the recent judgment of NCLAT i.e., in the matter of Shah Brothers Ispat Pvt. Ltd. Vs. P. Mohanraj & Ors.-Company Appeal (AT) (Insolvency) No. 61 of 2018 wherein it has been held that moratorium will not be applicable to action under section 138 of the Negotiable Instruments Act, 1881....

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9,073 cases under consideration in NCLT as on 31.01.2018

Income 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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MCA invite Comments on Draft NCLT related Rules under Companies Act, 2013

Income Tax - 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

Income Tax - 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

Income Tax - 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

Income Tax - 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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NCLT Has Jurisdiction Over Issues Related to Insolvency – Delhi HC

Liberty House Group Pte Ltd Vs State Bank of India & Ors. (Delhi High Court) - National Company Law Tribunal shall have jurisdiction to entertain or dispose of any question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor or corporate person under the Code...

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Amalgamation scheme devised to benefit few shareholder and to huge avoid tax cannot be approved: NCLT

In re Gabs Investments Pvt. Limited Vs Ajanta Pharma Limited (NCLT Mumbai) - Scheme of Amalgamation and Arrangement between G Pvt. Ltd.  ('Transferor Company') and A Limited (`Transferee Company') and their respective shareholders appeared to be unfair, unreasonable and was not in the public interest as the scheme was devised mainly to benefit the four share holders of G wh...

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NCLT bars CA for issuing false Audit certificate relating to financials

Union of India Vs Mr. Mukesh Maneklal Choksi (NCLT) - Union of India Vs Mr. Mukesh Maneklal Choksi (National Company Law Tribunal, Mumbai Bench) Since Respondent No 1, Mr Mukesh Maneklal Choksi, Statutory Auditor , colluded with the Chairman/Director of R-2 company and has given a false Audit certificate relating to the Profit & Loss Account and Ba...

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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 decisi...

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Restore Company name when company expresses its willingness to file ROC returns with late fee: NCLT

Ms. Rashmi Rajpal v. Klienz Herbal (P.) Ltd. (National Company Law Tribunal, Hyderabad Bench) - Ms. Rashmi Rajpal v. Klienz Herbal (P.) Ltd. (National Company Law Tribunal, Hyderabad Bench) Where name of a company was struck off because of delay in filing statutory returns, reasons of which was explained, and, company had expressed its willingness to file all returns along with payment of pr...

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Andhra Pradesh and Madhya Pradesh get new NCLT benches

S.O. 1216(E). - (08/03/2019) - Andhra Pradesh and Madhya Pradesh get new NCLT benches The Government has approved establishment of two new benches of National Company Law Tribunal (NCLT), one at Amaravati in Andhra Pradesh and the other at Indore in Madhya Pradesh. This step has been taken keeping in view the increasing case loa...

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Govt amends appointment date of NCLT Judicial & Technical Members

Notification No. S.O. 1039(E) - (27/02/2019) - Govt amends appointment date of NCLT Judicial and  Technical Members to 23.06.2016 from earlier notified date of 08.06.2016 which was notified vide S.O. 2563(E), dated the 28th July, 2016. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 27th February, 2019 S.O. 1039(E).—In exercise of ...

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National Company Law Tribunal (Amendment) Rules, 2019

Notification No. G.S.R.29(E) - (15/01/2019) - Central Government hereby makes the following rules further to amend the National Company Law Tribunal Rules, 2016, namely:- 1. (1) These rules may be called the National Company Law Tribunal (Amendment) Rules, 2019. ...

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NCLT forms 12th bench in Cuttack for matters of Odisha & Chhattisgarh

Notification No. S.O. 3430(E) - (12/07/2018) - Central Government hereby establishes the National Company Law Tribunal, Cuttack Bench at Cuttack and for the said purpose further amends the notification of the Ministry of Corporate Affairs number S.O. 1935 (E), dated the 1st day of June, 2016, namely:—...

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Ensure Representation before NCLT benches: CBDT to Pr. CCITs

F.No.278/M-52/2003-ITJ(Pt.) - (04/04/2018) - For a PCCIT region where the NCLT bench is not situated in the region, the concerned PCCIT was directed to ensure representation by coordinating with the PCCIT in whose jurisdiction the NCLT bench is located. This assumes importance in view of the fact that in case of many NCLT benches, a single ben...

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Recent Posts in "nclt"

NCLT Has Jurisdiction Over Issues Related to Insolvency – Delhi HC

Liberty House Group Pte Ltd Vs State Bank of India & Ors. (Delhi High Court)

National Company Law Tribunal shall have jurisdiction to entertain or dispose of any question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor or corporate person under the Code...

Read More

Andhra Pradesh and Madhya Pradesh get new NCLT benches

S.O. 1216(E). (08/03/2019)

Andhra Pradesh and Madhya Pradesh get new NCLT benches The Government has approved establishment of two new benches of National Company Law Tribunal (NCLT), one at Amaravati in Andhra Pradesh and the other at Indore in Madhya Pradesh. This step has been taken keeping in view the increasing case load, especially under the Insolvency &...

Read More

Amalgamation scheme devised to benefit few shareholder and to huge avoid tax cannot be approved: NCLT

In re Gabs Investments Pvt. Limited Vs Ajanta Pharma Limited (NCLT Mumbai)

Scheme of Amalgamation and Arrangement between G Pvt. Ltd.  ('Transferor Company') and A Limited (`Transferee Company') and their respective shareholders appeared to be unfair, unreasonable and was not in the public interest as the scheme was devised mainly to benefit the four share holders of G who were also the promoters of A (common p...

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Posted Under: Company Law | |

Govt amends appointment date of NCLT Judicial & Technical Members

Notification No. S.O. 1039(E) (27/02/2019)

Govt amends appointment date of NCLT Judicial and  Technical Members to 23.06.2016 from earlier notified date of 08.06.2016 which was notified vide S.O. 2563(E), dated the 28th July, 2016. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 27th February, 2019 S.O. 1039(E).—In exercise of the powers conferred by section 408 of t...

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NCLT bars CA for issuing false Audit certificate relating to financials

Union of India Vs Mr. Mukesh Maneklal Choksi (NCLT)

Union of India Vs Mr. Mukesh Maneklal Choksi (National Company Law Tribunal, Mumbai Bench) Since Respondent No 1, Mr Mukesh Maneklal Choksi, Statutory Auditor , colluded with the Chairman/Director of R-2 company and has given a false Audit certificate relating to the Profit & Loss Account and Balance Sheet of the R-2 company, without ...

Read More
Posted Under: Company Law | |

National Company Law Tribunal (Amendment) Rules, 2019

Notification No. G.S.R.29(E) (15/01/2019)

Central Government hereby makes the following rules further to amend the National Company Law Tribunal Rules, 2016, namely:- 1. (1) These rules may be called the National Company Law Tribunal (Amendment) Rules, 2019. ...

Read More

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...

Read More
Posted Under: Company Law |

Reduction in share capital under Companies Act, 2013

Procedure For Reduction Of Share Capital Under Section 66 Read With NCLT (Procedure For Reduction Of Share Capital) Rules, 2016 i. Convene a Board Meeting to approve the reduction of share capital and fixing the date of general meeting of the company. ii. Hold the general meeting and have the Special Resolution passed. iii. File […...

Read More
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...

Read More
Posted Under: Company Law | |

‘A New Avenue For Restructuring’- Merger of a LLP With a Company

Mergers and acquisitions (M&A) are the transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive pos...

Read More
Posted Under: Company Law |

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