nclt

Basic Understanding Of NCLT & NCLAT For Students

Corporate Law - 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

Corporate Law - 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

Corporate Law - 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)

Corporate Law - 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

Corporate Law - 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

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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SC upheld legality of NCLT and NCLAT

Corporate 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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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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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 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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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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Recent Posts in "nclt"

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 |

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

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 ...

Read More
Posted Under: Company Law |

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

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....

Read More
Posted Under: Company Law |

Cyrus Mistry-Tatas feud: Rights of Minority shareholders compromised??

NCLT, Mumbai Bench dismissed the petition filed by Cyrus Mistry who incidentally owns about 18.3% (including preference capital) of Tata Sons Limited. NCLT ruled that Tata Sons Limited has all the rights to remove its Executive Chairman and NCLT found no merit in Mistry’s  allegations of operational mismanagement and oppression of mino...

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Posted Under: Company Law |

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:—...

Read More

Corporate Insolvency Resolution Process by Financial Creditor

India’s banking industry is in the throes of a crisis. Bad debts are piling up at banks. Freeing up this money is crucial for the banking sector to go about its business. There were many laws dealing with insolvency for Companies as well as for individuals. But most of them were either dating from the British Raj or failing to recover l...

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Posted Under: Company Law |

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 prescribed fee to which ROC had no objecti...

Read More
Posted Under: Company Law | |

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