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.
National Company Law Tribunal and NCLAT Renu Bisht
NCLT
Introduction of NCLT
What is NCLAT
Composition of NCLT
composition of NCLAT
Powers of NCLT
The old system of bankruptcy
The present system of bankruptcy
The new concept of the law
Advantages of the new system
Appeals of bankruptcy
Challenges
how the new law is better than old 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.
National Company Law Tribunal and NCLAT Renu Bisht
NCLT
Introduction of NCLT
What is NCLAT
Composition of NCLT
composition of NCLAT
Powers of NCLT
The old system of bankruptcy
The present system of bankruptcy
The new concept of the law
Advantages of the new system
Appeals of bankruptcy
Challenges
how the new law is better than old laws?
This slideshow will give you a wide insight on National Company Law Tribunal, which marks the new era for corporate adjudication. Henceforth all the pending cases in High Court relating to companies stand transferred to this tribunal. This presentation shall provide information updated with the latest government notifications of the year 2016. Hope this helps.
The NCLT provides complete coverage of the Companies Act 2013, Companies Act 1956 and related rules, notifications, circulars, orders, forms etc.
https://www.nclt.in/about.php
NCLT Vs NCLAT: How do these two tribunals differentiate from each other and what decisions do they make? In this particular presentation, you are going to gain knowledge in depth about these matters. For more information, reach out to Registrationwala.
https://goo.gl/ewh8M7
Expert on Company Law (LLB/CS) Advocate Ms. Prachi Manekar Wazalwar (Bombay High Court). National Company Law Tribunal, Slides and Lectures at ICAI (WIRC). National Company Law Appellate Tribunal. Corporate Restructuring, M&A, Company Petition. Company Law Board. (NCLT, NCLAT & CLB). Prachi Adv Prachi Manekar Wazalwar has authored 'Management of SEZ' and 'Insights Into The New Company Law' 2013.
The NCLT provides complete coverage of the Companies Act 2013, Companies Act 1956 and related rules, notifications, circulars, orders, forms etc.
https://www.nclt.in/about.php
As you may be aware that a new Insolvency and Bankruptcy Code ,2016 has been enacted.
It provides “RESOLUTION OF DEFAULT” in payment to lenders very fast process to settle the matter in 180 days.
The Government as well as RBI are pressing hard to lending Banks to settle their dues through this code.
The lending banks have already started issuing Notice to borrowers to take action to settle their defaulted Accounts.
Under this code Registered Insolvency Professionals (IP) have a pivotal role to Resolve the defaulted Loan.
We are a group of professionals and One of our founder director (Advocate Ashok Juneja) is also Registered as Insolvency Professioal (IP) with Insolvency and Bankruptcy Board of India as Insolvency Professional (IBBI)
Attached is PP on new code.
You are free to contact us if you have any query/ clarification
This slideshow will give you a wide insight on National Company Law Tribunal, which marks the new era for corporate adjudication. Henceforth all the pending cases in High Court relating to companies stand transferred to this tribunal. This presentation shall provide information updated with the latest government notifications of the year 2016. Hope this helps.
The NCLT provides complete coverage of the Companies Act 2013, Companies Act 1956 and related rules, notifications, circulars, orders, forms etc.
https://www.nclt.in/about.php
NCLT Vs NCLAT: How do these two tribunals differentiate from each other and what decisions do they make? In this particular presentation, you are going to gain knowledge in depth about these matters. For more information, reach out to Registrationwala.
https://goo.gl/ewh8M7
Expert on Company Law (LLB/CS) Advocate Ms. Prachi Manekar Wazalwar (Bombay High Court). National Company Law Tribunal, Slides and Lectures at ICAI (WIRC). National Company Law Appellate Tribunal. Corporate Restructuring, M&A, Company Petition. Company Law Board. (NCLT, NCLAT & CLB). Prachi Adv Prachi Manekar Wazalwar has authored 'Management of SEZ' and 'Insights Into The New Company Law' 2013.
The NCLT provides complete coverage of the Companies Act 2013, Companies Act 1956 and related rules, notifications, circulars, orders, forms etc.
https://www.nclt.in/about.php
As you may be aware that a new Insolvency and Bankruptcy Code ,2016 has been enacted.
It provides “RESOLUTION OF DEFAULT” in payment to lenders very fast process to settle the matter in 180 days.
The Government as well as RBI are pressing hard to lending Banks to settle their dues through this code.
The lending banks have already started issuing Notice to borrowers to take action to settle their defaulted Accounts.
Under this code Registered Insolvency Professionals (IP) have a pivotal role to Resolve the defaulted Loan.
We are a group of professionals and One of our founder director (Advocate Ashok Juneja) is also Registered as Insolvency Professioal (IP) with Insolvency and Bankruptcy Board of India as Insolvency Professional (IBBI)
Attached is PP on new code.
You are free to contact us if you have any query/ clarification
Administración de Riesgos de seguridad en Tecnologías Web [Ethical Hacking]Software Guru
Estrategia TI – Web, para implementar procesos ágiles en Ingeniería de software, tomando en cuenta la tecnología, control de calidad, seguridad informática y administración de riesgos para equipos de trabajo multidisciplinarios con base al proceso del negocio.
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/
The Ministry of Corporate Affairs (MCA) vide notification no. S.O. 1932(E) and S.O.1933(E)dated June 1, 2016 notified constitution of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT).
For more information visit here : http://www.nclt.in
Fast track merger and cross border merger under companies act, 2013DVSResearchFoundatio
OBJECTIVE
In order to streamline the process of merger or amalgamation, Companies Act, 2013 (the Act) has brought in simplified procedures to enable the same. Apart from the regular provisions stipulated for merger or amalgamation of Companies under Section 232 of the Act, for certain companies the process has been even more relaxed. This process is popularly termed as Fast Track Merger and is covered under Section 233 of the Act read with Rules made there under. Also, provisions are enshrined in the Act for merger or amalgamation of Company with Foreign Company which is otherwise called as Cross Border Merger.
In this webinar, we shall look upon the aspects of procedures involved in fast track merger and cross border merger, secretarial compliances and relevant statistics.
OBJECTIVE
Compromise and arrangement is a form of Corporate Restructuring where company enters into an agreement with its creditors or members to reorganise the capital structure of the company. The webinar covers the aspects of statutory provisions pertaining to compromise and arrangement under Companies Act, 2013 in detail along with judicial precedents.
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Yesterday, the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 (“Ordinance”) was promulgated. The Ordinance introduces several significant changes to the Insolvency and Bankruptcy Code, 2016. We have attached a note providing a snapshot of some of the key changes which have been introduced.
Buzz on Corporate Laws, an eNewsletter of P. K. Pandya & Co.: July 2014 Part 1 issue - covers legal updates. To subscribe http://newsletter.pkpandya.com/?p=subscribe&id=1
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.
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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.
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Precedent, or stare decisis, is a cornerstone of common law systems where past judicial decisions guide future cases, ensuring consistency and predictability in the legal system. Binding precedents from higher courts must be followed by lower courts, while persuasive precedents may influence but are not obligatory. This principle promotes fairness and efficiency, allowing for the evolution of the law as higher courts can overrule outdated decisions. Despite criticisms of rigidity and complexity, precedent ensures similar cases are treated alike, balancing stability with flexibility in judicial decision-making.
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Victims of crime have a range of rights designed to ensure their protection, support, and participation in the justice system. These rights include the right to be treated with dignity and respect, the right to be informed about the progress of their case, and the right to be heard during legal proceedings. Victims are entitled to protection from intimidation and harm, access to support services such as counseling and medical care, and the right to restitution from the offender. Additionally, many jurisdictions provide victims with the right to participate in parole hearings and the right to privacy to protect their personal information from public disclosure. These rights aim to acknowledge the impact of crime on victims and to provide them with the necessary resources and involvement in the judicial process.
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Agrarian Reform Policies in the Philippines: a quiz
Jurisdiction to NCLT - Key Aspects
1. NPS Chawla
(B.Com, LL.M., FCS, MBA)
Principal Associate
Vaish Associates Advocates
Regional Council Member, NIRC-ICSI
2. Agencies Dealing with Company Law Matters
State High
Court(s)
CLB
Winding up
petitions,
Compromise &
Arrangements,
reduction of
capital,
restoration of
name & appeal
from CLB
Rectification of
registers,
transfer/transmi
ssion of shares,
oppression
mismanagement
, compounding
of offences etc.
Revival and
rehabilitation of
Sick Companies
BIFR/ AAIFR
Existing Structure
npschawla@vaishlaw.com
4. The Insolvency and Bankruptcy Code, 2016 – Eleventh Schedule
Section 434 of Companies Act, 2013 - Transfer of certain pending proceedings
All matters, proceedings or cases pending
before CLB
Any person aggrieved by any decision or
order of the Company Law Board made
before such date
proceedings under the Co. Act, 1956,
including proceedings relating to
arbitration, compromise, arrangements
and reconstruction and winding up of
companies, pending immediately before
such date before any District Court or
High Court
npschawla@vaishlaw.com
Transferred to NCLT
File an appeal to the HC within 60 days
(Extension- 60 days) from the date of
communication of the decision of CLB to
him on any question of law
Transferred to the NCLT and it may
proceed to deal with such proceedings
from the stage before their transfer
Proceedings before BIFR / AAIFR
Proceedings before BIFR/
AAIFR will not get transferred
but shall abate
5. • Haryana
• Rajasthan
• UT of Delhi
New Delhi Bench
• Gujarat
• Madhya Pradesh
• UT od Dadra &
Nagar Haveli
• UT of Daman & Diu
Kolkata Bench
• Bihar & Odisha
• Jharkhand
• West Bengal
• UT of Andaman
& Nicobar
Guwahati Bench
• Arunachal Pradesh
• Assam & Manipur
• Mizoram &
Nagaland
• Meghalaya
• Sikkim & Tripura
Chandigarh Bench
• Himachal Pradesh
• Jammu & Kashmir
• Punjab
• UT of Chandigarh
Chennai Bench
• Kerala & Tamil
Nadu
• UT of Lakshadweep
• UT of Puducherry
• Karnataka
• Andhra
Pradesh
• Telangana
• Uttar Pradesh
• Uttarakhand
• Chhattisgarh
• Goa
• Maharashtra
New Delhi Principal Bench
Ahmedabad Bench
June 01, 2016
Bengaluru Bench Hyderabad Bench Allahabad Bench Mumbai Bench
34 functional
orders by NCLT
5 MCA
notifications so far
Jurisdiction of
Haryana challenged
Website fully
operational
6. NATIONAL COMPANY LAW APPELLATE TRIBUNAL
NEW DELHI
All appeals against orders of NCLT (any bench)
would be heard by NCLAT at New Delhi
Appeals against orders of CLB continue to be heard by
High Court
7. npschawla@vaishlaw.com
Criteria for Listing of matters before NCLT
NCLT, Principal Bench
Companies having paid up
share capital more than INR 50
Lakhs, and
As per special order of the
Hon’ble President of NCLT
Section 245 of Companies Act,
2013 (CA,2013) – Class Action
Suits
Application of Act to Foreign
Companies
Section 394- Annual Reports of
Govt. Companies
NCLT, New Delhi Bench &
Other Benches
Companies having paid up
share capital upto INR 50
Lakhs
If no division bench is
available, then the
pecuniary limit of Rs. 50
lakhs will not apply
Any other matter which
the President may
authorize by passing a
specific or general order
8. npschawla@vaishlaw.com
Provisions of NCLT & NCLAT under the Companies Act, 2013
Section 420(2) - Power
of Review
At any time within 2
years from the date of
the order, NCLT may,
rectify any mistake
apparent from the
record, amend any
order.
Section 421 - Appeal
from orders of Tribunal
Any person aggrieved
may appeal to NCLAT
within a period of 45
days from the date of
receiving the order.
(Plus 45 days
extension)
Section 422- Expeditious
disposal by Tribunal
and Appellate Tribunal
Dispose of
expeditiously within 3
Months
(Plus 90 days
extension)
9. npschawla@vaishlaw.com
Provisions of NCLT & NCLAT under the Companies Act, 2013
Section 424 - Procedure
before Tribunal and
Appellate Tribunal
powers as are vested
in a civil court
NCLT & NCLAT not
bound by CPC but
shall be guided by the
principles of natural
justice
Any order by NCLT
or NCLAT may be
enforced by Tribunal
in the same manner as
if it were a decree
made by a court
Section 425 - Power to
punish for contempt
The NCLT and
NCLAT shall have the
same jurisdiction,
powers and authority
in respect of contempt
of themselves as the
High Court
Section 433- Limitation
The provisions of the
Limitation Act, 1963
shall, as far as may be,
apply to proceedings
or appeals before the
Tribunal or the
Appellate Tribunal, as
the case may be.
10. npschawla@vaishlaw.com
NCLT Rules, 2016
Production of Evidence by
Affidavit
(1) NCLT may direct the parties to
give evidence, if any, by
affidavit.
(2) where NCLT considers it
necessary in the interest of
natural justice, it may order
cross-examination of any
deponent on the points of
conflict through information and
communication technology
facilities such as video
conferencing
Production of additional
evidence before the Bench
the parties not be entitled to produce
additional evidence, either oral or
documentary, which was in the
possession or knowledge but was
not produced before the Inspector,
appointed but if the Bench requires
any additional evidence or document
to be produced or any witness to be
examined or if the Inspector
appointed has not given sufficient
opportunity to the party to adduce
evidence, the Bench, may allow such
evidence to be produced.
11. npschawla@vaishlaw.com
NCLT Rules, 2016
Summoning of witnesses &
recording evidence
(1) If a petition or application is
moved for summoning of
witnesses, NCLT shall issue
summons for appearance of such
witness unless it considers that
their appearance is not necessary
for the just decision of the case;
(2) Witness will get TA/ DA
Application for Execution
For execution of order passed by the
Tribunal, the holder of an order shall
make an application to NCLT
12. NCLT – Adjudicating Authority for Corporate Persons
No power with Civil Court; Fraudulent / malicious initiation of proceedings
npschawla@vaishlaw.com
Appeal against the order of NCLAT to Supreme Court, within 45 days
Appeal to NCLAT within 30 days (+30 days) as per Section 61 of IBC
For computing the period of limitation, the period during which such
moratorium is in place shall be excluded
NCLT – Insolvency Resolution & liquidation for Corporate Persons (Corporate Debtors &
Personal Guarantors) – where Registered Office of Corporate Person is situated
13. Powers of NCLT under the Insolvency and Bankruptcy Code, 2016
Approval of Resolution Plan (RP) by NCLT- to be binding on all stakeholders involved
in the RP
npschawla@vaishlaw.com
Appointment of the resolution professional by the NCLT (Section 22)
NCLT declare moratorium for 180 days (Section 13 & 14).
File Application with NCLT- for seeking extension of period beyond 180 days (Section
12(2))
File application to NCLT- NCLT may either accept or reject the application within 14
days (Section 7,9 & 10)
14. Powers of NCLT under the Insolvency and Bankruptcy Code, 2016
NCLT may impose penalty which shall not be less than Rs. 1,00,000/- but may extend to
Rs. 1,00,00,000/- on transactions with fraudulent intentions
npschawla@vaishlaw.com
Where application not disposed of within the period specified – NCLT/NCLAT extend
time by maximum 10 days
Civil court not to have jurisdiction in the matters pertaining to NCLT and NCLAT
Appellate Tribunal National Company Law Appellate Tribunal
Fast track corporate insolvency resolution process
15. Section 253- Determination of Sickness
Section 254- Application for Revival & Rehabilitation
Section 255-Exclusion of certain time in computing period of limitation
Section 256-Appointment of interim administrator
Section 257-Committee of Creditors
Section 258- Order of Tribunal
Section 259-Appointment of Administrator
Section 260-Powers and Duties of Company Administrator
Section 261-Scheme of revival and rehabilitation
Section 262-Sanction of scheme
Section 263-Scheme to be binding
Section 264-Implementation of scheme
Section 265 -Winding up of company on report of company
administrator
Section 266-Power of Tribunal to assess damages against delinquent
directors, etc
Section 267- Punishment for certain offences
Section 268- Bar of jurisdiction
Section 269- Rehabilitation and Insolvency Fund
Omitted
npschawla@vaishlaw.com
The Insolvency and Bankruptcy Code, 2016
The Eleventh Schedule - Amendments to the Companies Act, 2013
Chapter XIX- Revival & Rehabilitation of Sick Companies
16. (1) The winding up of a company
may be either—
(a) by the Tribunal; or
(b) voluntary.
(2) Notwithstanding anything
contained in any other Act, the
provisions of this Act with
respect to winding up shall apply
to the winding up of a company
in any of the modes specified
under sub-section (1).
npschawla@vaishlaw.com
The Insolvency and Bankruptcy Code, 2016
The Eleventh Schedule - Amendments to the Companies Act, 2013
Section 270- Modes of Winding Up
Section 270 of the Companies
Act, dealing with Modes of
winding up has been amended to
only include Winding up by
Tribunal. The voluntary winding
up provisions have been shifted
to IBC.
Modification
17. npschawla@vaishlaw.com
The Insolvency and Bankruptcy Code, 2016
The Eleventh Schedule - Amendments to the Companies Act, 2013
Section 271- Circumstances in which company may be wound up by Tribunal
(1) A company may, on a petition under section 272, be wound up by the Tribunal,—
if the company is unable to pay its debts;
if the company has, by special resolution, resolved that the company be wound up by the Tribunal;
if the company has acted against the interests of the sovereignty and integrity of India, the security of the
State, friendly relations with foreign States, public order, decency or morality;
if the Tribunal has ordered the winding up of the company under Chapter XIX;
if on an application made by the Registrar or any other person authorized by the Central Government by
notification under this Act, the Tribunal is of the opinion that the affairs of the company have been
conducted in a fraudulent manner or the company was formed for fraudulent and unlawful purpose or
the persons concerned in the formation or management of its affairs have been guilty of fraud,
misfeasance or misconduct in connection therewith and that it is proper that the company be wound up;
if the company has made a default in filing with the Registrar its financial statements or annual returns
for immediately preceding five consecutive financial years; or
if the Tribunal is of the opinion that it is just and equitable that the company should be wound up.
Highlighted clauses to be removed from a date yet to be notified
18. THANK YOU
Disclaimer: Please note that this presentation is based on the limited information / documentation available with us and is subject
to review of further documentation to be received in this regard. While every care has been taken to ensure accuracy of this
presentation, Vaish Associates Advocates shall not assume any liability / responsibility for any errors that might creep in. The material
herein does not constitute / substitute professional advice that may be required before acting on any matter.
New Delhi
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Building
13, Tolstoy Marg
New Delhi-110001
Tel: 91 11 49292525
Fax: 91 11 23320484
E-mail:
delhi@vaishlaw.com
Mumbai
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(Behid Piramal Chambers ,
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Road,
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Tel: 91 80 40903588/89
Fax: 91 80 40903584
bangalore@vaishlaw.com
For any further clarifications, please contact: NPS Chawla, Principal Associate,
Vaish Associates Advocates (npschawla@vaishlaw.com/ +91-9958535300).