The National Company Law Tribunal (NCLT) is a quasi-judicial authority created under the Companies Act 2013 to handle corporate civil disputes. It has wide-ranging powers to handle issues like class actions, deregistration of companies, oppression/mismanagement of shareholders, investigation of company affairs, revision of financial statements, refusal of share transfers, conversion of public to private companies, convening of shareholder meetings, and winding up companies. The NCLT aims to provide effective and expedient resolution of corporate disputes.
I carried out research on WINDING UP OF A COMPANY and how it differs from Corporate Receivership. I prepared and presented my research before the firm's Managing Partner and Lawyers. I also answered questions posed at me by the lawyers and the Firm's Managing Partner.
I carried out research on WINDING UP OF A COMPANY and how it differs from Corporate Receivership. I prepared and presented my research before the firm's Managing Partner and Lawyers. I also answered questions posed at me by the lawyers and the Firm's Managing Partner.
NCLT is a quasi-judicial body established under companies act, 2013 on 1 June 2016.
IBC, 2016 is bankruptcy law of India came into force from 5 August 2016. It is a one stop solution for resolving insolvencies.
The liquidation of the Company’s assets, which are collected and sold in order to satisfy the obligations accrued, is referred to as winding up. When a corporation is wind up, the debts, expenditures, and charges are first paid off and dispersed among the shareholders. When a company is subject to liquidation, it dissolves officially and ceases to exist.
White Paper on National Company Law Tribunal and National Company Law Appella...Ricky Chopra
Ricky Chopra International Counsels is a full service international law firm based in gurgaon
read more at https://rickychopra.co/
read about our services for General Corporate & Business Laws
at https://rickychopra.co/services/gen-corporate-and-business-laws/
National Company Law Tribunal By AAKASH TIWARIAAKASH TIWARI
NCLT introduction, its role, what are the previous tribunal and there powers, what are the new opportunity comes, notification of NCLT on 1st July, 2016, its sections, constitution etc.
An Overview of the Companies Amendment Act, 2017SAS Partners
The much awaited Companies (Amendment) Act, 2017 has seen the light of the day with the receipt of President’s assent on January 03, 2018. The Act is all set to address a wide number of practical difficulties which have been faced by various stakeholders.
Strike off can be understood as removal of something from somewhere, when it comes to the term of business , it means removing the very existence of any company by removing its name from the records of respective Registrar of Companies.
Strike off in general term is known as to remove or erase someone from somewhere where the same used to exist. In business term strike off of Companies means cessation of existence of a Company and removing the name of the Company from the database of list of companies maintained with the Ministry of Corporate Affairs of India.
NCLT is a quasi-judicial body established under companies act, 2013 on 1 June 2016.
IBC, 2016 is bankruptcy law of India came into force from 5 August 2016. It is a one stop solution for resolving insolvencies.
The liquidation of the Company’s assets, which are collected and sold in order to satisfy the obligations accrued, is referred to as winding up. When a corporation is wind up, the debts, expenditures, and charges are first paid off and dispersed among the shareholders. When a company is subject to liquidation, it dissolves officially and ceases to exist.
White Paper on National Company Law Tribunal and National Company Law Appella...Ricky Chopra
Ricky Chopra International Counsels is a full service international law firm based in gurgaon
read more at https://rickychopra.co/
read about our services for General Corporate & Business Laws
at https://rickychopra.co/services/gen-corporate-and-business-laws/
National Company Law Tribunal By AAKASH TIWARIAAKASH TIWARI
NCLT introduction, its role, what are the previous tribunal and there powers, what are the new opportunity comes, notification of NCLT on 1st July, 2016, its sections, constitution etc.
An Overview of the Companies Amendment Act, 2017SAS Partners
The much awaited Companies (Amendment) Act, 2017 has seen the light of the day with the receipt of President’s assent on January 03, 2018. The Act is all set to address a wide number of practical difficulties which have been faced by various stakeholders.
Strike off can be understood as removal of something from somewhere, when it comes to the term of business , it means removing the very existence of any company by removing its name from the records of respective Registrar of Companies.
Strike off in general term is known as to remove or erase someone from somewhere where the same used to exist. In business term strike off of Companies means cessation of existence of a Company and removing the name of the Company from the database of list of companies maintained with the Ministry of Corporate Affairs of India.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
Visit Now: https://www.tumblr.com/trademark-quick/751620857551634432/ensure-legal-protection-file-your-trademark-with?source=share
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
1. NATIONAL COMPANY LAW
TRIBUNAL
It is a quasi judicial authority created under The Companies Act,2013 to handle corporate –civil
disputes arising under the Act.
It was constituted in 2016.
It is an entity that has powers and procedures like those vested in a Court of Law or Judge.
It has been constituted by virtue of Sec,408 of Companies Act,2013.
2. Powers And Functions of NCLT
i)Class Action(Sec.245)
• Class Action can be dealt by Tribunal
• Class action is a law suit where one or several persons join together and sue on behalf of a larger
group of person.
• Whenever the shareholders or creditor/depositors feel that the management of a company is
conducting affairs which are prejudicial to the interests of the shareholders or depositors or
both, they can together file a class action suit by few people representing the whole group of
aggrieved persons.
3. ii)Deregistration of companies(Sec.248)
• NCLT has the power to restore companies deregistered by Registrar
• Deregistration means:
-Failure to commence business within one year of incorporation
-Failure to carry on any business for two or more preceding financial years would
justify deregistration of such company by the Registrar.
• NCLT is vested with the power to deregister and dissolve companies which have got
registered by fraudulent and illicit means. NCLT can also investigate any procedural
discrepancy involved in registration of a company if it deems necessary.
4. iii)Oppression and
Mismanagement(Sec.241)
Any member of the company who has a complains that the affairs of the
company are being conducted in an oppressive manner or any material change
has taken place which is not in the interest of its members then he has a right to
apply to the tribunal.
5. iv)Power to order
investigation(Sec.213)
Under the Company Act, 2013 only 100 members are required to apply for an
investigation into the affairs of a company, the power to apply for
investigation is given to any person who is able to convince the tribunal that
such a situation exists for initiating investigation proceedings.
An investigation ordered by the NCLT can be conducted within India or
anywhere abroad.
6. v)Revision of financial
statements(Sec.131)
• On several occasions, falsification of record books was noticed under the Companies Act,
1956.
• Section 447 and 448 have been added to Companies Act 2013 to ensure that such an act is
now under the ambit of NCLT.
• If it appears to the Directors of the Company at any time that the financial statement or
board report doesn’t comply with the provisions of law or are prepared with some error
or incorrect information that require correction can apply to Tribunal for its permission to
revise the statements.
7. vi)Refusal to transfer shares
In case any company mishandles registration of transfers of shares or refuses
to transfer shares then the individual who incurred a loss can approach the
NCLT within a period of two months, to seek justice
Appeal should be filed within 60 days from instrument of transfer.
8. vii)Conversion of Public Company into
Private Company
Approval from the NCLT is required for such a conversion.
The tribunal may at its discretion impose certain conditions subject to which
approval may be granted.
9. viii)Tribunal Convened General
Meetings
NCLT is vested with the power to convene a general meeting .
If the members of the company fail to convene the meeting within a
particular time and the member of the company may give an application to
the tribunal to convene such meeting, the tribunal as such as the power to
convene those meetings.
10. ix)Winding up of a company
A company may be wound by the tribunal when the affairs of the company have
been conducted in any one of below manner, set under Section 242 of the
Companies Act, 2013 and by that tribunal comes to the conclusion that the
company has been prejudicial to public interest or in an oppressive manner.
11. Other powers include:
Power to investigate into the ownership of the company
Power to freeze assets of the company
Change in Financial Year
Compounding of offences
All proceedings relating to arbitration, compromise, arrangements,
reconstructions and the winding up of companies shall be disposed off