nclt

9 Landmark Judgements in Insolvency and Bankruptcy Code, 2016

Company Law - The evolving law in due course is seeing some settlement (not by virtue of Article 142 of the Indian Constitution though), but some imperative issues, still some require settlement, and certain others warrant immediate changes. Briefly discussed below are a few imperative judicial pronouncements....

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Key points while filing petition/application before NCLT court

Company Law - As we all knows that Central Government notified NCLT Rules, 2016 on 21st of July, 2016 through notification in the official gazette. The provisions specify the professionals i.e., Company Secretaries, Chartered Accountants and Advocates who can practice before the NCLT or NCLAT....

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Procedure for Revival & Restoration Of Struck Off Name Of Company Via NCLT Route

Company Law - Restoration of name of a Company struck off under section 248 can be done by following ways: 1. Filing an Appeal: Any person aggrieved from the order of the Registrar (ROC) to strike-off the name of a company, can file an appeal within a period of 3 years from the date of order of the Registrar....

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FAQs on Holding AGM through NCLT under Companies Act, 2013

Company Law - As per section 96 of CA, 2013, every Company (other than OPC) shall hold a general meeting annually (exclusive of any other meeting). But if any default is made in holding the annual general meeting of a Company u/s 96, then the Tribunal (NCLT) shall come into the picture....

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Whether Limitation Act Applicable On Insolvency & Bankruptcy Code, 2016

Company Law - The NCLAT held that that in the absence of any provision in IBC, the Limitation Act, 1963 would not be applicable to initiation of Corporate Insolvency Resolution Process. The NCLAT further observed:...

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9,073 cases under consideration in NCLT as on 31.01.2018

Company 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

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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Merger of Partnership Firms under Companies Act, 2013- Is it possible?

M/s. Kediya Ceramics (NCLT Ahemdabad) - A partnership firm can participate in a scheme of amalgamation only after converting itself into a company under section 366 of the Act. Since the vesting of properties and liabilities of such partnership firm to the company is by operation of law [Section 368 of the Act], the succession is exempt f...

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Section 4(b) of Sick Industrial Companies (Special Provisions) Repeal Act, 2003 is constitutionally valid: HC

M/S Atv Projects (India) Ltd Vs. Union Of India & Ors. (Delhi High Court) - M/S Atv Projects (India) Ltd Vs. Union Of India & Ors. (Delhi High Court) Under the newly enacted Section 4(b) there are only two classes of persons, namely (i) those persons in whose cases schemes were sanctioned and (ii) those persons in whose cases the schemes were pending. In the former, the...

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Demand notice of unpaid operational debt can be issued by a lawyer on behalf of operational creditor: SC

Macquarie Bank Limited Vs Shilpi Cable Technologies Ltd. (Supreme Court of India) - The present appeals raise two important questions which arise under the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code). The first question is whether, in relation to an operational debt...

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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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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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CBDT on Decentralization of handling of cases under IBC 2016

F. No. 385/04/2018-IT(Budget) - (16/01/2018) - The undersigned is directed to say that by virtue of implementation of Insolvency & Bankruptcy Code (IBC) 2016 after the repeal of erstwhile Sick Industrial Companies Act (SICA). The necessity to decentralize handling of cases at the level of field formations has been felt as 11 National Company Law...

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Restore ‘struck off’ companies under Companies Act, 2013: CBDT

F.No. 225/423/2017-ITA.II - (29/12/2017) - Board has decided that request/appeal for restoration of name of the 'struck off' company with retrospective date from the date of being 'struck off' shall be made by the income-tax department in following situations: i. where proceedings under section 143(3)/144/147/153A/153C/set-aside cases wer...

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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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Recent Posts in "nclt"

Merger of Partnership Firms under Companies Act, 2013- Is it possible?

M/s. Kediya Ceramics (NCLT Ahemdabad)

A partnership firm can participate in a scheme of amalgamation only after converting itself into a company under section 366 of the Act. Since the vesting of properties and liabilities of such partnership firm to the company is by operation of law [Section 368 of the Act], the succession is exempt from capital gains tax pursuant to the pr...

Read More
Posted Under: Company Law | |

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 bench covers the territorial jurisdiction o...

Read More

9,073 cases under consideration in NCLT as on 31.01.2018

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...

Read More
Posted Under: Company Law |

9 Landmark Judgements in Insolvency and Bankruptcy Code, 2016

The evolving law in due course is seeing some settlement (not by virtue of Article 142 of the Indian Constitution though), but some imperative issues, still some require settlement, and certain others warrant immediate changes. Briefly discussed below are a few imperative judicial pronouncements....

Read More
Posted Under: Company Law |

Key points while filing petition/application before NCLT court

As we all knows that Central Government notified NCLT Rules, 2016 on 21st of July, 2016 through notification in the official gazette. The provisions specify the professionals i.e., Company Secretaries, Chartered Accountants and Advocates who can practice before the NCLT or NCLAT....

Read More
Posted Under: Company Law |

Section 4(b) of Sick Industrial Companies (Special Provisions) Repeal Act, 2003 is constitutionally valid: HC

M/S Atv Projects (India) Ltd Vs. Union Of India & Ors. (Delhi High Court)

M/S Atv Projects (India) Ltd Vs. Union Of India & Ors. (Delhi High Court) Under the newly enacted Section 4(b) there are only two classes of persons, namely (i) those persons in whose cases schemes were sanctioned and (ii) those persons in whose cases the schemes were pending. In the former, there are two sub-classes […]...

Read More

Procedure for Revival & Restoration Of Struck Off Name Of Company Via NCLT Route

Restoration of name of a Company struck off under section 248 can be done by following ways: 1. Filing an Appeal: Any person aggrieved from the order of the Registrar (ROC) to strike-off the name of a company, can file an appeal within a period of 3 years from the date of order of the Registrar....

Read More
Posted Under: Company Law |

CBDT on Decentralization of handling of cases under IBC 2016

F. No. 385/04/2018-IT(Budget) (16/01/2018)

The undersigned is directed to say that by virtue of implementation of Insolvency & Bankruptcy Code (IBC) 2016 after the repeal of erstwhile Sick Industrial Companies Act (SICA). The necessity to decentralize handling of cases at the level of field formations has been felt as 11 National Company Law Tribunal (NCLT) benches having territor...

Read More

Demand notice of unpaid operational debt can be issued by a lawyer on behalf of operational creditor: SC

Macquarie Bank Limited Vs Shilpi Cable Technologies Ltd. (Supreme Court of India)

The present appeals raise two important questions which arise under the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code). The first question is whether, in relation to an operational debt...

Read More

Restore ‘struck off’ companies under Companies Act, 2013: CBDT

F.No. 225/423/2017-ITA.II (29/12/2017)

Board has decided that request/appeal for restoration of name of the 'struck off' company with retrospective date from the date of being 'struck off' shall be made by the income-tax department in following situations: i. where proceedings under section 143(3)/144/147/153A/153C/set-aside cases were already in progress; or ii where pr...

Read More
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