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CS Vipin Kumar Mittal Keeping in view of the Section 248 to 252 of the Companies Act, 2013 (the Act), as notified by Ministry of Corporate Affairs (MCA) w.e.f. 26th December, 2016 and Rule 87A of the National Company Law Tribunal (NCLT) (Amendment) Rules, 2017 as notified by MCA w.e.f. 5th July, 2017, I have […]
Government has Constituted 11 Benches of NCLT, out of which 2 will be the Principal Bench, which shall be Preside at New Delhi.And the regional bench territory authority is in Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, Mumbai.
Section 66 which is the governing provision for Reduction of Share Capital of a company is one amongst those sections notified on 07th December, 2016. Immediately, thereafter, MCA has further, notified the National Company Law Tribunal (Procedure for Reduction of Share Capital of Company) Rules, 2016 on 15th December, 2016.
“63. Appearance of authorised representative.- (1) Subject to provisions of section 432 of the Act, a party to any proceedings or appeal before the Appellate Tribunal may either appear in person or authorise one or more chartered accountants or company secretaries or cost accountants or legal practitioners or any other person to present his case before the Appellate Tribunal.
High percentage of non-compliance of the Companies Act and Rules, the Ministry of Corporate Affairs (MCA) with Registrar of Companies (ROC) had issued show cause notices to various companies. After that various companies received notice regarding removal of name of a company from the register of companies as per sub section (1) of section 248 of Companies Act, 2013 and rules 3 of the Companies Rules, 2016.
In general parlance, if we consider our global business, it is the fusion of Assets and Liabilities which generates the revenue or surplus or profit, whatever may be terms but finally ends up with one five letter word MONEY for the company.
In this Flash editorial, the author begins by referring the provisions of section 248(1) of Companies Act, 2013 relating to Power of Registrar to remove name of company from register of companies and provisions of section 252 relating to REVIVAL OF COMPANIES STRUCK off from the record of the Registrar.
In this article, it is specifically discussed about the Revival/ Restoration of Struck off Companies under section 248 of the Companies Act (the Act) under Section 252 of the Companies Act, 2013 read with National Company Law Tribunals Rules, 2016 (As amended till 05-07-2017) by making an appeal to Tribunal.
“87A. Appeal or application under sub-section (1) and sub-section (3) of section 252. – (1) An appeal under sub-section (1) or an application under sub-section (3) of section 252, may be filed before the Tribunal in Form No. NCLT. 9, with such modifications as may be necessary.
Code will facilitate early, transparent and fair resolution of liquidity problems. Hence, the position of lenders under the Code is much better compared to earlier laws as discussed above. Therefore, there is no justification whatsoever in RBI directive to banks to create provision of 50% of the outstanding debt at the time of application to NCTL for initiating insolvency resolution process and balance 50% at the time order for liquidation of corporate at the time order for liquidation of corporate for realization of debts due to Financial Creditors is passed by NCLT. Rather, the RBI should dilute the existing provisioning guidelines in favour of lenders.
