NCLT - Page 4

‘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...

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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 ...

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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....

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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:—...

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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...

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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...

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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...

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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...

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Posted Under: Company Law |

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