NCLT

Does NCLT has Power to Direct A Pre-Admission Enquiry?

Goods and Services Tax - An insolvency application filed by an Operational Creditor U/s 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) can be resisted on the ground that there is an ‘existing dispute‘, the I&B Code does not provide for such a defence for resisting an insolvency application filed in respect of a financial debt U/s 7 [...

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Comparative Analysis of NCLT & NCLAT Orders in Tata-Mistry Case

Goods and Services Tax - Oppression and Mismanagement is envisaged in Section 241 of the Companies Act, 2013 and allows the petitioners i.e. the minority shareholders to file a suit if they believe the affairs of the company are conducted in a manner prejudicial and/or oppressive to themselves, to the interests of the company or to the public...

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Doctrine of Fresh Slate and Essar Steel Ruling- A Case for Disputed Claims Post Resolution Plan

Goods and Services Tax - Introduction The fundamental legislative intent behind the enactment of IBC has been the resolution of Corporate Debtors. Compared to previous laws, the distinguishing feature of the Code is that it does not to operate as a mere debt recovery route for creditors. The doctrine of fresh slate is of much significance in achieving the objecti...

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Jurisdiction of NCLT under the Companies Act, 2013

Goods and Services Tax - The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues of Indian Companies. NCLT was established underneath the Companies Act 2013 and was set up in June 2016  and is founded on the advice of the V. Balakrishna Eradi committee on law relating to the insolvency and the winding up […]...

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Suspension of IBC: A Slick Move or an Impetuous Hindrance?

Goods and Services Tax - Mandatory procedures under Corporate Insolvency Resolution Process such as interim financing for insolvent assets, time-bound resolution process, and a creditor in control model may not be easily met under the present COVID-19-induced conditions. Another concern can be an over-burdened NCLT besides everything. These could be the probable ...

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SC order binding on everyone in India; NCLT benches to remain close till 31.03.2020

Goods and Services Tax - National Company Law Tribunal 6th Floor, Block-3, CGO Complex, Lodhi Road New Delhi-110003 Dated: 24.3.2020 NOTICE 1.With regard to Limitation,it is clear that the order dated 23.3.2020 passed by Hon’ble Supreme Court in suo motu WP-03/2020 is binding on everyone in India,for further clarification,it is hereby clarified that the lit...

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NCLAT & NCLT members to stick to time limits to cut delays in insolvency cases

Goods and Services Tax - Justice Mukhopadhaya raised serious concerns with regard to the constant delays in insolvency proceedings and said that the Members of NCLAT and NCLTs must cut the time period of insolvency proceedings short and focus on quicker disposal of cases. He emphasised that there are only limited grounds to argue at the stage of admission and tha...

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

Goods and Services Tax - 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

Goods and Services Tax - 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

Goods and Services Tax - 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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NCLT appointed liquidator liable to pay GST & Register

In re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal) - In re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal) Whether a liquidator appointed by NCLT is liable to pay GST on asset sales and required to get registered? The liquidator is appointed under section 34 (1) of IBC after NCLT initiates liquidation in terms of section 33 of IBC. As the appli...

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Increase in threshold for initiating CIRP is prospective in effect

Foseco India Limited Vs Om Boseco Rail Products Limited (NCLT Kolkata) - Whether increase in threshold by CG through notification  for initiating CIRP is prospective or retrospective in effect?...

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Restore e-way facility for filing of GST returns: NCLT

Abhijit Guhathakurta R.P. for the 13 Videocon Group Companies Vs Central Goods & Services Department (National Company Law Tribunal) - NCLT directs the GST Department to (a) To restore the e-way facility for filing of the GST returns in respect of Corporate Debtors all Companies including Techno Electronics Limited currently under Corporate Insolvency Resolution Proceedings....

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Difference between ‘Adjudicating Authorities’ & ‘Court’: NCLAT clarifies

Vijay Pal Garg & Ors. Vs Pooja Bahry (NCLAT) - Adjudicating Authorities cannot possess the power to direct the Central Government to conduct/order the investigation against any company. Taking a look at Section 210(3) of the Act, it is clear that the Central Government ought to conduct an investigation into the affairs of the Company by appointi...

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Whether NCLT Moratorium Order covers pending GST proceedings

National Plywood Industries Ltd. Vs Union of India And Anr. (Gauhati High Court) - National Plywood Industries Ltd. Vs Union of India And Anr. (Gauhati High Court) In the given case the issue under consideration is whether the order of moratorium of the National Company Law Tribunal also covers the proceeding pending before the GST authorities under the GST Act 2017? The Hon’ble...

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NCLT not to accept new petitions without record of default U/s. 7 of IBC, 2016

Notification No. File No. 25/02/2020-NCLT - (12/05/2020) - All concerned are directed to file default record from Information Utility alongwith the new petitions being filed under section 7 of Insolvency and Bankruptcy Code, 2016 positively. No new petition shall be entertained without record of default under section 7 of IBC, 2016...

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National Company Law Tribunal (Amendment) Rules, 2020

Notification No. G.S.R. 80(E) - (03/02/2020) - These rules may be called the National Company Law Tribunal (Amendment) Rules, 2020. They shall come into force on the date of their publication in the Official Gazette....

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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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NCLT’s Popular Posts

Recent Posts in "NCLT"

NCLT appointed liquidator liable to pay GST & Register

In re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal)

In re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal) Whether a liquidator appointed by NCLT is liable to pay GST on asset sales and required to get registered? The liquidator is appointed under section 34 (1) of IBC after NCLT initiates liquidation in terms of section 33 of IBC. As the applicant – […]...

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Does NCLT has Power to Direct A Pre-Admission Enquiry?

An insolvency application filed by an Operational Creditor U/s 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) can be resisted on the ground that there is an ‘existing dispute‘, the I&B Code does not provide for such a defence for resisting an insolvency application filed in respect of a financial debt U/s 7 [...

Read More
Posted Under: Company Law |

Comparative Analysis of NCLT & NCLAT Orders in Tata-Mistry Case

Oppression and Mismanagement is envisaged in Section 241 of the Companies Act, 2013 and allows the petitioners i.e. the minority shareholders to file a suit if they believe the affairs of the company are conducted in a manner prejudicial and/or oppressive to themselves, to the interests of the company or to the public...

Read More
Posted Under: Company Law |

Increase in threshold for initiating CIRP is prospective in effect

Foseco India Limited Vs Om Boseco Rail Products Limited (NCLT Kolkata)

Whether increase in threshold by CG through notification  for initiating CIRP is prospective or retrospective in effect?...

Read More
Posted Under: Company Law | |

Doctrine of Fresh Slate and Essar Steel Ruling- A Case for Disputed Claims Post Resolution Plan

Introduction The fundamental legislative intent behind the enactment of IBC has been the resolution of Corporate Debtors. Compared to previous laws, the distinguishing feature of the Code is that it does not to operate as a mere debt recovery route for creditors. The doctrine of fresh slate is of much significance in achieving the objecti...

Read More
Posted Under: Company Law |

Jurisdiction of NCLT under the Companies Act, 2013

The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues of Indian Companies. NCLT was established underneath the Companies Act 2013 and was set up in June 2016  and is founded on the advice of the V. Balakrishna Eradi committee on law relating to the insolvency and the winding up […]...

Read More
Posted Under: Company Law |

Suspension of IBC: A Slick Move or an Impetuous Hindrance?

Mandatory procedures under Corporate Insolvency Resolution Process such as interim financing for insolvent assets, time-bound resolution process, and a creditor in control model may not be easily met under the present COVID-19-induced conditions. Another concern can be an over-burdened NCLT besides everything. These could be the probable ...

Read More
Posted Under: Company Law |

NCLAT Rules on Pre-Admission Enquiries: Underpins that time is of the Essence

In the year 2016, the Indian Parliament completely overhauled the then existing framework governing insolvency and bankruptcy in India. The novel Insolvency and Bankruptcy Code, 2016 (Code) sets out a comprehensive and consolidated set of provisions, which seeks to provide a new trajectory to the sick industry regime in India. With a dire...

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Posted Under: Company Law |

Consultation paper on proposed amendment to delisting regulations: Will it be a case of “many a slip between the cup and the lip”?

Traditionally, a listed company (Parent Co) wishing to integrate the operations of its listed subsidiary (Sub Co), usually contemplates a merger. However, there may be instances in which a merger is unfeasible for a plethora of reasons, viz.,industry-specific constraints (e.g. licences or contracts with specific restrictions on transfer),...

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Posted Under: Company Law |

Procedure for Merger through NCLT

A ‘Merger’ is a combination of two or more entities into one; merger essentially means an arrangement whereby one or more existing companies merge their identity into another to form a new and different entity which may or may not be one of those existing entities. It is a corporate strategy of combining different companies […]...

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Posted Under: Company Law |

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