NCLT

OTS Proposal is An Acknowledgement of Debt: NCLT

Corporate Law - 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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Cyrus Mistry won half the battle – What Tata Sons will do next

Corporate Law - Cyrus Mistry won half the battle; on the other hand Tata Sons is seeking more legal option to win the next battle of the Board. On 18th December 2019 (Wednesday), Mr. Cyrus Pallonji Mistry would have been the happiest man in Mumbai’s Corporate Circle, for not only did he win back the chair he was […]...

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NCLT: Directs for access of GST Portal to Corporate Debtor to pay GST liability

Corporate Law - Any company once gone into CIRP, if at all the Corporate Debtor is to be run as a going concern, it can be obligated to pay the taxes from the date of initiation of CIRP. As to the dues of pre-admission period, the creditors, including Tax authorities, are entitled to make a claim against the Corporate Debtor as mentioned in the Insolvenc...

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Can A Incorporated Company Be Considered As Void Ab Initio (void from the beginning) ???

Corporate Law - Can A Incorporated Company Be Considered As Void Ab Initio (void from the beginning) ??? The incorporation of a company refers to the legal process that is used to form a corporate entity or a company. Section 7 of the Companies Act 2013 and rules made thereunder as amended from time to time are applicable […]...

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

Corporate Law - 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

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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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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Company under insolvency cannot be Struck off: ROC order set aside

M/s J R Diamonds P Limited (Vinod Tarachand Agrawal) Vs. Registrar of Companies ( NCLT Ahmedabad) - M/s J. R. Diamonds P Limited (Vinod Tarachand Agrawal) Vs. Registrar of Companies (NCLT Ahmedabad) In path-breaking judgement delivered by Hon’ble NCLT Ahmedabad, set aside ROC order to struck down the name of the company from ROC register. M/s J R Diamonds P Limited, company wherein no financial ...

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SC orders IRP to complete CIRP concerning Jaypee Infratech within 90 days

Jaiprakash Associates Ltd & Anr. Vs IDBI Bank Ltd. & Anr. (Supreme Court of India) - We direct the Interim Resolution Professional (IRP) to complete the Corporate Insolvency Resolution Process (CIRP) within 90 days from today. In the first 45 days, it will be open to the IRP to invite revised resolution plan only from Suraksha Realty and NBCC respectively, who were the final bidders...

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NCLT dismisses 9 IBC plea for payment of interest due to dispute on existence of debt

Steel India Vs M/s. Theme Developers Pvt Ltd (NCLT Mumbai) - Steel India Vs M/s. Theme Developers Pvt Ltd (NCLT Mumbai) We have carefully gone through the pleadings on record and pursued the submissions made by the counsels for both the sides. On careful perusal of the documents it is noticed that the Corporate Debtor has already paid the entire Principal amo...

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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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Govt appoints 28 new Judicial and Technical Members in NCLT

Notification No. S.O. 3412(E). - (20/09/2019) - Central Government appoints 28  persons as Judicial and Technical Members in the National Company Law Tribunal for a period of three years or till the attaining the age of sixty-five years, whichever is earlier. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 20th September, 2019 S.O. 341...

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Recent Posts in "NCLT"

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
Posted Under: Corporate Law |

Cyrus Mistry won half the battle – What Tata Sons will do next

Cyrus Mistry won half the battle; on the other hand Tata Sons is seeking more legal option to win the next battle of the Board. On 18th December 2019 (Wednesday), Mr. Cyrus Pallonji Mistry would have been the happiest man in Mumbai’s Corporate Circle, for not only did he win back the chair he was […]...

Read More
Posted Under: Corporate Law |

NCLT: Directs for access of GST Portal to Corporate Debtor to pay GST liability

Any company once gone into CIRP, if at all the Corporate Debtor is to be run as a going concern, it can be obligated to pay the taxes from the date of initiation of CIRP. As to the dues of pre-admission period, the creditors, including Tax authorities, are entitled to make a claim against the Corporate Debtor as mentioned in the Insolvenc...

Read More
Posted Under: Corporate Law |

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 raise an objection saying […]...

Read More
Posted Under: Corporate Law | |

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 provision has been made in […]...

Read More

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

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....

Read More
Posted Under: Corporate Law |

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:—...

Read More

Company under insolvency cannot be Struck off: ROC order set aside

M/s J R Diamonds P Limited (Vinod Tarachand Agrawal) Vs. Registrar of Companies ( NCLT Ahmedabad)

M/s J. R. Diamonds P Limited (Vinod Tarachand Agrawal) Vs. Registrar of Companies (NCLT Ahmedabad) In path-breaking judgement delivered by Hon’ble NCLT Ahmedabad, set aside ROC order to struck down the name of the company from ROC register. M/s J R Diamonds P Limited, company wherein no financial creditors are their was under Insolvency...

Read More
Posted Under: Corporate Law |

Can A Incorporated Company Be Considered As Void Ab Initio (void from the beginning) ???

Can A Incorporated Company Be Considered As Void Ab Initio (void from the beginning) ??? The incorporation of a company refers to the legal process that is used to form a corporate entity or a company. Section 7 of the Companies Act 2013 and rules made thereunder as amended from time to time are applicable […]...

Read More
Posted Under: Corporate Law |

SC orders IRP to complete CIRP concerning Jaypee Infratech within 90 days

Jaiprakash Associates Ltd & Anr. Vs IDBI Bank Ltd. & Anr. (Supreme Court of India)

We direct the Interim Resolution Professional (IRP) to complete the Corporate Insolvency Resolution Process (CIRP) within 90 days from today. In the first 45 days, it will be open to the IRP to invite revised resolution plan only from Suraksha Realty and NBCC respectively, who were the final bidders and had submitted resolution plan on th...

Read More

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