nclt

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

Company 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 ...

Read More

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

Company 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....

Read More

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

Company Law - 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...

Read More

Corporate Insolvency Resolution Process by Financial Creditor

Company Law - 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...

Read More

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....

Read More

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...

Read More

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...

Read More

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....

Read More

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....

Read More

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. ...

Read More

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...

Read More

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...

Read More

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...

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

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....

Read More

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

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...

Read More

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...

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 wer...

Read More

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)....

Read More

Recent Posts in "nclt"

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...

Read More
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...

Read More
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 | |

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 |

Browse All Categories

CA, CS, CMA (3,827)
Company Law (4,002)
Custom Duty (7,030)
DGFT (3,741)
Excise Duty (4,154)
Fema / RBI (3,503)
Finance (3,714)
Income Tax (27,886)
SEBI (2,936)
Service Tax (3,393)

Featured Posts

Search Posts by Date

September 2018
M T W T F S S
« Aug    
 12
3456789
10111213141516
17181920212223
24252627282930