Company Law : The MCA introduced a risk-based eligibility framework allowing more companies to access fast-track mergers. By replacing size crit...
Company Law : The case examined whether extending redemption timelines amounts to reissuance. The Tribunal held that extensions within statutory...
Corporate Law : This analysis explains how NCLT continues to respect CoC commercial wisdom but now intervenes when procedures, legality, or fairne...
Corporate Law : RTI inquiry into NCLT/NCLAT reveals member vacancies, lack of consolidated case data, and opaque appointments, highlighting need f...
Corporate Law : The NCLT has ruled that banks can classify accounts as fraudulent during IBC proceedings, clarifying that a moratorium does not sh...
Corporate Law : The Supreme Court upheld joint insolvency proceedings against two interconnected real estate companies due to common management an...
Company Law : ICSI raised concerns over delays in NCLT hearings affecting corporate restructuring and insolvency matters. It emphasized the need...
Company Law : ICSI has urged the government to set up an NCLT Bench in Pune citing 30,600 pending cases and prolonged insolvency timelines. The ...
Company Law : With insolvency cases taking up to 853 days against the 330-day mandate, concerns over NCLT backlog have intensified. A new bench ...
Corporate Law : From 2022-23 to 2024-25, appeals filed at NCLAT rose steadily, with IBC cases forming the majority, reflecting active engagement i...
Company Law : While approving the resolution plan, NCLT clarified that exemptions relating to taxes, duties, and statutory compliances must be o...
Corporate Law : Although the Scheme was sanctioned, the Tribunal clarified that the Income Tax Department remained free to investigate any tax imp...
Company Law : The Tribunal admitted insolvency proceedings after finding documentary evidence of operational debt, part payment, ledger confirma...
Company Law : Section 7 insolvency application filed by State Bank of India (SBI) was admitted against Martina Bio Genics Private Limited and he...
Corporate Law : The Tribunal held that for a guarantee payable on demand, limitation begins from the date the guarantee is invoked and not from th...
Corporate Law : The order permits single judicial members to handle procedural and uncontested matters. It ensures faster case disposal while pres...
Corporate Law : Details of Judicial and Technical Members assigned to NCLT benches across India as per the latest order issued by the Ministry of ...
Corporate Law : Read about the case involving Chetan Patel, an Insolvency Professional, with detailed analysis of alleged contraventions and submi...
Corporate Law : IBBI Disciplinary Committee suspends Sanjay Singh, an Insolvency Professional, for irregularities in the e-auction process. Detail...
Company Law : Explore the order dated 03.02.2024 from NCLT Chandigarh transferring all pending cases from Bench 2 to Bench 1. Detailed analysis ...
In 2002, the Companies Act, 1956, was amended to provide establishment of company law tribunals to play the role that had hitherto been played by high courts. Specific arrangements and transactions such as mergers, demergers and reduction of capital, and also liquidation and winding up of companies are overseen by high courts having jurisdiction where the registered office of the company is located. The amendment sought to move such jurisdiction to specialised tribunals established for the purpose, with an appellate tribunal adding a layer of appeal.
Scope of Work:- The Companies (Second Amendment) Act, 2002 suggested the creation of a national tribunal would look into most corporate matters in the country. It will be responsible for handling all pending matters before the Company Law Board, the Board for Industrial and Financial Reconstruction (BIFR) and the corporate benches of the High Courts, apart from handling new cases.
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.
The Companies Act, 1956, though it requires some reforms as mooted through Companies Bill, 2009, is one of the finest legislations. Each provision or the section under the Companies Act, 1956 has a sound logic though there exist very few sections which are to be deleted or modified suitably.
Everybody knows that the legislature has proposed to constitute a special tribunal to deal with the issues under the Companies Act, 1956 through Companies (Second Amendment) Act, 2002. The constitution of National Company Law Tribunal and Appellate Tribunal is challenged by the Madras Bar before the High Court of Madras. Justice Jayasimha Babu of Madras High Court has passed a considered and laudable judgment while disposing of the Writ Petition filed by the Madras Bar challenging Companies (Second Amendment) Act, 2002.
The Challenge to the NCLT & NCALT: The five-judge Constitution Bench of the Supreme Court of India Justice KG Balakrishnan, Justice RV Raveendran, Justice DK Jain, Justice P Sathasivam and Justice JM Panchal has delivered its judgment on the legality of the constitution of National Company Law Tribunal and National Company Law Appellate Tribunal under the Companies Act, 1956 through Companies (Second Amendment) Act, 2002.
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.
A five-judge Constitution bench of the Supreme Court will deliver on Tuesday a much-awaited judgment on the formation of the National Company Law Tribunal (NCLT). The decision is unanimous and it comes six years after the court admitted the appeal.
Former Chhattisgarh High Court Judge Mr Justice Dilip Raosaheb Deshmukh took charge as the new Chairman of the Company Law Board (CLB) on Friday, four days ahead of the originally scheduled joining date. This follows a request by the Government as the presiding Chairman, Mr R. Vasudevan, was arrested on Tuesday by the CBI in a bribery case. The CLB Chairman’s post was held by bureaucrats for many years.
