nclt

Interim Moratorium: To be a Judicial Discretion ?

Corporate Law - Everyone rushes to drill the well and if they know that the well is about to dry they will rush more to get those last drops. Moratorium banns to drill the wells which are about to dry. Moratorium is said to be the main plank of the rescue culture....

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Voluntary Liquidation of Company – IBC, 2016

Corporate Law - Voluntary Liquidation of Company (Section 59 of the Insolvency and Bankruptcy Code, 2016) > Application for Voluntary Liquidation:- A Company who intends to liquidate itself voluntarily and has not committed any default on any debt to any person may initiate voluntary liquidation proceedings. A Company may choose to be wound up volunta...

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Series of Judicial Pronouncement – Insolvency and Bankruptcy Code, 2016

Corporate Law - All proceedings under the IBBI Code in respect of Corporate Insolvency are to be adjudicated by the National Company Law Tribunal (NCLT), which has been designed as the ‘Special One Window Forum’ to tackle all aspects of insolvency resolution. The NCLT is referred to as the ‘Adjudicating Authority’....

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Compilation of monthly Corporate Law updates of August 2019

Corporate Law - Article contains update on Amendment to Companies Act, 2013 and its Rules, Amendment to SEBI Law, NCLT Order, Highlights of Consumer Protection Bill, Labour laws, E-commerce guidelines for Consumer Protection ICSI – Recognition to Company Secretaries to act as Arbitrator under the Arbitration and Conciliation (Amendment) Act, 2019, upda...

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Application to NCLT for Repayment of Deposit under Section 73(4)

Corporate Law - As per Section 73 (4) of Companies Act, 2013, where a company fails to repay the deposit or part thereof or any interest thereon, the depositor concerned may apply to National Company Law Tribunal (NCLT) for an order directing the company to pay the sum due or for any loss or damage incurred by him as a result of such non-payment and for ...

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Debt recovery mechanism strengthened with enactment of IBC, 2016

Corporate Law - 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

Corporate Law - 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

Corporate 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

Corporate 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

Corporate 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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Workmen dues cannot be a part of liquidation estate assets: NCLT

Alchemist Asset Reconstruction Co. Ltd. Vs. Moser Baer India Limited (NCLT Delhi, Principal Bench) - Alchemist Asset Reconstruction Co. Ltd. Vs. Moser Baer India Limited (NCLT Delhi, Principal Bench) Under Section 36(4) (a) (III), the expression ‘liquidation estate’ has been defined and it is clarified that all sums due to any workman or employee from the provident fund, pension fund an...

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Threatening RP while discharging her duties as Court officer can never be tolerated

Asset Reconstruction Company (India) Pvt Ltd Vs Shivam Water Treaters Pvt Ltd (National Company Law Tribunal, Mumbai) - Asset Reconstruction Company (India) Pvt Ltd Vs Shivam Water Treaters Pvt Ltd (National Company Law Tribunal, Mumbai) The Resolution professional has also reported that Mr Gaurav Dave abused the RP while she was discharging her duties as Court officer. Such actions of the Ex-directors can never be t...

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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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Constitution of benches at all NCLT Locations

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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Posting of Judicial and Technical Members of NCLT

Order No. A-22012/4/ 2019-Ad.IV-MCA - (19/06/2019) - As per ACC directions contained in DoP&T's communication no. 18/10/ 2019-EO (SM.II) dated 03.05.2019 and in consultation with the President, National Company Law Tribunal (NCLT), the following Judicial and Technical Members of NCLT are posted at the Benches as under:...

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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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Recent Posts in "nclt"

Interim Moratorium: To be a Judicial Discretion ?

Everyone rushes to drill the well and if they know that the well is about to dry they will rush more to get those last drops. Moratorium banns to drill the wells which are about to dry. Moratorium is said to be the main plank of the rescue culture....

Read More
Posted Under: Corporate Law |

Voluntary Liquidation of Company – IBC, 2016

Voluntary Liquidation of Company (Section 59 of the Insolvency and Bankruptcy Code, 2016) > Application for Voluntary Liquidation:- A Company who intends to liquidate itself voluntarily and has not committed any default on any debt to any person may initiate voluntary liquidation proceedings. A Company may choose to be wound up volunta...

Read More
Posted Under: Corporate Law |

Series of Judicial Pronouncement – Insolvency and Bankruptcy Code, 2016

All proceedings under the IBBI Code in respect of Corporate Insolvency are to be adjudicated by the National Company Law Tribunal (NCLT), which has been designed as the ‘Special One Window Forum’ to tackle all aspects of insolvency resolution. The NCLT is referred to as the ‘Adjudicating Authority’....

Read More
Posted Under: Corporate Law |

Compilation of monthly Corporate Law updates of August 2019

Article contains update on Amendment to Companies Act, 2013 and its Rules, Amendment to SEBI Law, NCLT Order, Highlights of Consumer Protection Bill, Labour laws, E-commerce guidelines for Consumer Protection ICSI – Recognition to Company Secretaries to act as Arbitrator under the Arbitration and Conciliation (Amendment) Act, 2019, upda...

Read More
Posted Under: Corporate Law |

Application to NCLT for Repayment of Deposit under Section 73(4)

As per Section 73 (4) of Companies Act, 2013, where a company fails to repay the deposit or part thereof or any interest thereon, the depositor concerned may apply to National Company Law Tribunal (NCLT) for an order directing the company to pay the sum due or for any loss or damage incurred by him as a result of such non-payment and for ...

Read More
Posted Under: Corporate Law |

Procedure to Restoration of Name of Struck off Company by NCLT

Procedure To Restoration of Name of Struck off Company By National Company Law Tribunal As per Section 248(1) of Companies Act, 2013, the Registrar is vested with the power to strike off the name of the Company, consequently, it had struck off various companies in India and also in process to strike off other companies, […]...

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Posted Under: Corporate Law |

Constitution of benches at all NCLT Locations

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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Budget 2019: Measures for resolution of distressed companies

The existing provisions of section 79 are not applicable to a company where any change in shareholding takes place in a previous year pursuant to a resolution plan approved under the Insolvency and Bankruptcy Code, 2016 (IBC) subject to the condition that jurisdictional Principal Commissioner or Commissioner is provided a reasonable oppor...

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Posted Under: Corporate Law |

Debt recovery mechanism strengthened with enactment of IBC, 2016

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....

Read More
Posted Under: Corporate Law |

Pre-Budget Memorandum 2019- A Small Wish List From New Finance Minister

Union Budget 2019 – New Finance Minister Smt. Nirmala Sitharaman’s first budget after the huge and unprecedented electoral win of Sh. Narendra Modi Government has the backing of a mammoth public mandate and as such is expected to be a reform oriented budget and not a populist one. However, along with the bold and reform […]...

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Posted Under: Corporate Law |

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