The document discusses the constitution and powers of the National Company Law Tribunal (NCLT) in India. Some key points:
- The NCLT was constituted in 2016 and replaces the Company Law Board and Board of Industrial and Financial Reconstruction. It adjudicates on issues relating to companies.
- The NCLT has the powers to handle matters relating to company law, mergers and amalgamations, winding up, oppression and mismanagement, and rehabilitation of sick companies.
- It has the same powers as a civil court and can punish for contempt. No civil court has jurisdiction over matters within the NCLT's powers. Professionals like company secretaries can represent parties before the NCLT.
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?
The Advocates Act, 1961 is an act to consolidate and amend the law relating to legal practitioners and to provide for the constitution of the Bar Councils and an All-India Bar. It was enacted by the Parliament in the Twelfth Year of the Republic of India.
The Advocates Act,1961 provides for the constitution of two types of councils:
State Bar Council-Section 3
Bar Council of India-Section 4
The Bar Council as well as the State Bar Councils have various functions to perform
Insolvency Resolution process is the process to resolve the issue of bankruptcy and also pay back the creditors. However, the process itself is an intricate one and requires proper assistance.
Enforceability of foreign_judgments_and_foreign_awardsLegalServicesDelhi
With the advent of globalisation and with India poised as a major international and
global player in the world economy, it is apposite to consider the law concerning
enforcement of foreign judgments in India. In law, the enforcement of foreign
judgments is the recognition and enforcement rendered in another ("foreign")
jurisdiction. Foreign judgments may be recognized based on bilateral or multilateral
treaties or understandings, or unilaterally without an express international
agreement. The "recognition" of a foreign judgment occurs when the court of one
country or jurisdiction accepts a judicial decision made by the courts of another
"foreign" country or jurisdiction, and issues a judgment in substantially identical
terms without rehearing the substance of the original lawsuit.
Code Of Civil Procedure: Res sub-judice & Res Judicata by Mahamud WazedMahamud Wazed (Wazii)
Section – 10 deals with the doctrine of res sub-judice and section-11 deals with the doctrine of res –judicata. Section -10 provides the rule with regard to stay of suits where things are under consideration or pending adjudication by a court. On the other hand section-11 provides the rule relates to a matter already adjudicated. It bars the trial of a suit or an issue in which the matter directly and substantially in issue has been adjudicated upon in a former suit. Sections 10 and 11 are mandatory.
Code of civil procedure 1908 reference, review, revisionDr. Vikas Khakare
This explains what is reference, review and revision. when and where it can be made. It also explains difference between reference, review and revision.
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
Know the difference between Judgement and decree as per CPC.
Helpful for students and law professionals.
You can also visit my YouTube channel: CS Bhuwan Taragi –The law talks
You can connect me on:
Telegram: https://t.me/TheLawTalks
Facebook Page: The Law Talks
LinkedIn: https://www.linkedin.com/in/csBhuwanTaragi
Instagram: the_law_talks
Podcast: https://anchor.fm/thelawtalks
You can watch these Company law topics as well:
Audit committee: https://youtu.be/3oRgCc5uZ-4
Related party transaction: https://youtu.be/p7pf8iW-gTk
Sweat equity shares: https://youtu.be/7vY59DdlPrE
Types of Directors: https://youtu.be/COWYEcZ-0Qo
Loan to Directors: https://youtu.be/oAcOSQJwNgY
Holding and subsidiary definition: https://youtu.be/_ttqn39IjNE
Director Identification no. : https://youtu.be/AGty3SqbOMM
Difference between MOA & AOA: https://youtu.be/TmnRc2TRxTw
Annual General Meeting: https://youtu.be/0Jxtegi2IGg
Requirement of MGT-14: https://youtu.be/6kYdXpbDABM
#CPC #llb #lawclass #reference #review #revision #civilprocedurecode #section113 #lawtopic #legalupdate #lawcollage #rajasthanuniversity #ccs #mdu #du #lawfaculty #clatexams #lawentenrance #legalknowledge #legal #lawupdate #llbexams #ll.bexams #lawexamination #llb3year #lawrevision #short #advocate #lawyer #lawpractise #courtprocedure #ICSI #CS #CA #ICAI #ICWAI #CMA #LAW #Companysecretary
Civil Procedure Code, 1908,
a Universal Doctrine, applied in civil proceedings.
Shah Muhammad
Lecturer,
University Law College Quetta Khojjak Road Quetta
Cantt
This explains what are parties to a suit, who can be joined as party to suit. It explains joinder, misjoinder, nonjoinder of parties. How parties may be added or struck out.
The Advocates Act, 1961 is an act to consolidate and amend the law relating to legal practitioners and to provide for the constitution of the Bar Councils and an All-India Bar. It was enacted by the Parliament in the Twelfth Year of the Republic of India.
The Advocates Act,1961 provides for the constitution of two types of councils:
State Bar Council-Section 3
Bar Council of India-Section 4
The Bar Council as well as the State Bar Councils have various functions to perform
Insolvency Resolution process is the process to resolve the issue of bankruptcy and also pay back the creditors. However, the process itself is an intricate one and requires proper assistance.
Enforceability of foreign_judgments_and_foreign_awardsLegalServicesDelhi
With the advent of globalisation and with India poised as a major international and
global player in the world economy, it is apposite to consider the law concerning
enforcement of foreign judgments in India. In law, the enforcement of foreign
judgments is the recognition and enforcement rendered in another ("foreign")
jurisdiction. Foreign judgments may be recognized based on bilateral or multilateral
treaties or understandings, or unilaterally without an express international
agreement. The "recognition" of a foreign judgment occurs when the court of one
country or jurisdiction accepts a judicial decision made by the courts of another
"foreign" country or jurisdiction, and issues a judgment in substantially identical
terms without rehearing the substance of the original lawsuit.
Code Of Civil Procedure: Res sub-judice & Res Judicata by Mahamud WazedMahamud Wazed (Wazii)
Section – 10 deals with the doctrine of res sub-judice and section-11 deals with the doctrine of res –judicata. Section -10 provides the rule with regard to stay of suits where things are under consideration or pending adjudication by a court. On the other hand section-11 provides the rule relates to a matter already adjudicated. It bars the trial of a suit or an issue in which the matter directly and substantially in issue has been adjudicated upon in a former suit. Sections 10 and 11 are mandatory.
Code of civil procedure 1908 reference, review, revisionDr. Vikas Khakare
This explains what is reference, review and revision. when and where it can be made. It also explains difference between reference, review and revision.
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
Know the difference between Judgement and decree as per CPC.
Helpful for students and law professionals.
You can also visit my YouTube channel: CS Bhuwan Taragi –The law talks
You can connect me on:
Telegram: https://t.me/TheLawTalks
Facebook Page: The Law Talks
LinkedIn: https://www.linkedin.com/in/csBhuwanTaragi
Instagram: the_law_talks
Podcast: https://anchor.fm/thelawtalks
You can watch these Company law topics as well:
Audit committee: https://youtu.be/3oRgCc5uZ-4
Related party transaction: https://youtu.be/p7pf8iW-gTk
Sweat equity shares: https://youtu.be/7vY59DdlPrE
Types of Directors: https://youtu.be/COWYEcZ-0Qo
Loan to Directors: https://youtu.be/oAcOSQJwNgY
Holding and subsidiary definition: https://youtu.be/_ttqn39IjNE
Director Identification no. : https://youtu.be/AGty3SqbOMM
Difference between MOA & AOA: https://youtu.be/TmnRc2TRxTw
Annual General Meeting: https://youtu.be/0Jxtegi2IGg
Requirement of MGT-14: https://youtu.be/6kYdXpbDABM
#CPC #llb #lawclass #reference #review #revision #civilprocedurecode #section113 #lawtopic #legalupdate #lawcollage #rajasthanuniversity #ccs #mdu #du #lawfaculty #clatexams #lawentenrance #legalknowledge #legal #lawupdate #llbexams #ll.bexams #lawexamination #llb3year #lawrevision #short #advocate #lawyer #lawpractise #courtprocedure #ICSI #CS #CA #ICAI #ICWAI #CMA #LAW #Companysecretary
Civil Procedure Code, 1908,
a Universal Doctrine, applied in civil proceedings.
Shah Muhammad
Lecturer,
University Law College Quetta Khojjak Road Quetta
Cantt
This explains what are parties to a suit, who can be joined as party to suit. It explains joinder, misjoinder, nonjoinder of parties. How parties may be added or struck out.
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/
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.
Supreme Court holds provisions of the National Tax Tribunal Act, 2005, as con...D Murali ☆
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IBC Ordinance: Snapshot of Some Key ChangesShruti Jadhav
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.
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Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
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1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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• Three (3) key tips to maintain a disciplined workplace.
1. “NCLT – Constitution and its Powers
and Role of Professionals”
(Under Companies Act, 2013)
2. NCLT- Constitution
2
The Ministry of Corporate Affairs vide notification dated on 1st June, 2016 Constituted the
National Company Law Tribunal (NCLT) and its Appellate Authority (NCLAT).
The Ministry of Corporate Affairs vide notification dated on 21st July, 2016 notified the National
Company Law Tribunal Rules, 2016 (NCLT Rules) and National Company Law Appellate
Tribunal Rules, 2016 (NCLAT Rules).
It is the quasi-judicial body which adjudicates issues relating to Companies and Corporate
entities.
The National Company Law Tribunal has replaced with Existing Company Law Board (CLB).
The Companies Second Amendment Act, 2002 provides for the setting up of the NCLT and
NCLAT to replace then existing CLB and BIFR.
The setting up NCLT and NCLAT are single regimes to resolve the corporate dispute and
pending any litigation under the Companies Act.
The NCLT and NCLAT play faster role Implementation of the Insolvency and Bankruptcy code.
and their setting up is expected to reduce the burden on courts
3. NCLT- Constitution
…Contd
3
▰ NCLT replaces:
Company Law Board (CLB);
Board of Industrial and financial Reconstruction (BIFR);
Consolidate jurisdiction of Judicial and quasi judicial tribunals;
CLB BIFR HIGH COURT
NCLT
replaces
5. NCLT – A New Era to Corporate
Adjudication
5
Upon constitution of NCLT, the powers and jurisdiction of following
agencies/departments in respect of corresponding aspects shall vest with NCLT:
State High Court(s): Cases relating to arrangement or compromise, winding up,
reduction of capital, restoration of name of the company, appeals from CLB orders
u/s 10F of the Companies Act, 1956.
BIFR/ AAIFR: Cases pertaining to revival and rehabilitation of sick companies.
CLB: Cases pertaining to rectification of register of members, complaints relating
to refusal to transfer/ of transmission of shares, matters relating to oppression and
mismanagement and other matters relating to investigations & compounding of
offences.
Appeals against the order(s) of NCLT to be heard by NCLAT and appeals against the
order of NCLAT to be heard by the Hon’ble Supreme Court.
6. NCLT- Powers vested
6
▰ Powers relating provision of:
Company law,
Compromise arrangement and Amalgamation,
Winding up,
Oppression and mismanagement,
Revival & Rehabilitation of sick companies,
Compounding of offence.
7. ABOUT THE ACT
7
▰ In relation to NCLT and NCLAT (Section 407 to 414):
Definitions (Section 407);
Constitution of NCLT (Section 408);
Qualification of President and Members of NCLT (Section 409);
Constitution of NCLAT (Section 410);
Qualification of Chairperson and Members of NCLAT (Section 411);
Selection of Members of NCLT and NCLAT (Section 412);
Terms of office of President, Chairperson and other Members (Section 413)
Salary, allowances and other terms and conditions of service of Members (Section
414);
8. A PICTURE IS WORTH A THOUSAND WORDS
The Central Government has constituted National
Company Law Tribunal (NCLT) under section 408
of the Companies Act, 2013 (18 of 2013) w.e.f.
01st June 2016.
In the first phase the Ministry of Corporate Affairs
have set up eleven Benches, one Principal Bench at
New Delhi and one each Regional Benches at New
Delhi, Ahmedabad, Allahabad, Bengaluru,
Chandigarh, Chennai, Guahati, Hyderabad, Kolkata
and Mumbai.
8
9. National Company Law Tribunal –
Essential Provisions
9
Expeditious disposal by Tribunal and Appellate Tribunal (Section 422):
▰ Every application, petition or appeal, as the case may be, presented before NCLT &
NCLAT shall be dealt with and disposed off in a speedy manner & efforts shall be
made to dispose the matter within 3 months from the date of its presentation.
Otherwise NCLT or NCLAT shall record the reasons for not disposing off the
application/petition/appeal with the said period of 3 months. The said period may
be extended by the President of NCLT or the Chairperson of NCLAT by such
period not exceeding 90 days.
10. National Company Law Tribunal –
Essential Provisions …Contd
10
Procedure before Tribunal and Appellate Tribunal (Section 424):
▰ NCLT and NCLAT while dealing with any matter before it are not bound by the
procedure laid down by the Code of Civil Procedure, 1908 (“CPC”). However,
subject to the provisions of the New Act and rules made there under, they shall be
guided by the principles of natural justice and shall have the power to regulate
their own procedure. NCLT and NCLAT shall have the same powers vested in a
civil court under CPC, for discharging its functions for specified matters.
▰ All proceedings before NCLT or the NCLAT shall be deemed to be judicial
proceedings within the meaning of Sections 193 and 228, and for the purposes of
Section 196 of the Indian Penal Code, and NCLT and NCLAT shall be deemed to
be civil court for the purposes of Section 195 and Chapter XXVI of the Code of
Criminal Procedure, 1973.
11. National Company Law Tribunal –
Essential Provisions …Contd
11
Power to punish for contempt (Section 425):
NCLT and NCLAT shall have the same jurisdiction, powers and authority in
respect of contempt of themselves as the High Court has under the provisions of
the Contempt of Courts Act, 1971, but subject to certain modifications as provided
in this Section.
Civil court not to have jurisdiction (Section 430):
No Civil court shall have jurisdiction to entertain any suit or proceeding in respect
of any matter which NCLT or NCLAT is empowered to determine either in terms
of the New Act or by any other law in force.
No court or authority shall have the power to grant injunction in respect of any
action taken or to be taken in pursuance of any power conferred by or under the
New Act or any other law for the time being in force, by NCLT or NCLAT.
12. National Company Law Tribunal –
Essential Provisions …Contd
12
Right to legal representation (Section 432):
A party to any proceeding or appeal before NCLT or NCLAT may either appear in person or authorise 1 or
more CAs/ CSs/ CWA s/ Advocates or any other person to present the case.
Rule 25(3) of Draft Rules for NCLT (Chapter XVII):
In case, CS/CA/CWA (in practice) are authorized to appear, they should have post qualification experience of
minimum 5 years
Appeal to NCLAT (Section 421):
No Appeal shall lie from an order of NCLT passed by consent of parties.
Appeal shall be filed within 45 days from the date on which copy of order of NCLT is made available. Another
maximum 45 days for condonation of delay (earlier within 60 days; with another 60 days with condonation of delay.
u/s 10F against order of CLB but only on question of law)
Appeal to Supreme Court (Section 423):
Appeal from order of NCLAT to the Supreme Court within 60 days from the date of communication of the
order of NCLAT on any question of law arising out of such order. Another 60 days with condonation of delay.
13. Corporate Jurisdiction Hierarchy under the
Companies Act, 2013
13
Company Law
jurisdiction
High Courts
Special Courts
NCLAT
NCLT
Supreme Court
Specified
proceedings under
the Companies Act,
2013
Offences to be
tried
14. Structure of NCLT
14
NCLT
High Courts
Other benches as notified
by Central Government
NCLAT
Principal bench
(New Delhi)
President
15. Special Courts – Essential Provisions
15
Establishment of Special Courts (Section 435):
▰ The Central Government may, for the purpose of providing speedy trial of offences under
this Act, by notification, establish or designate as many Special Courts as may be necessary.
▰ A Special Court shall consist of a single judge who shall be appointed by the Central
Government with the concurrence of the Chief Justice of the High Court within whose
jurisdiction the judge to be appointed is working.
▰ A person shall not be qualified for appointment as a judge of a Special Court unless he is,
immediately before such appointment, holding office of a Sessions Judge or an Additional
Sessions Judge.
Offences tribal by Special Courts (Section 436):
▰ All offences under the New Act shall be tried by Special Court;
▰ Special Court may try an offence under CrPC at the same trial.
18. Opportunities for Professionals
18
As per Section 432, A party to any proceeding or appeal before the Tribunal or the
Appellate Tribunal, as the case may be, may either appear in person or authorize one
or more:-
▰ Company Secretaries (CS’s); or,
▰ Chartered accountants (CA’s); or
▰ Cost accountants (CWA’s); or,
▰ Legal practitioners (Advocates); or,
▰ Any other person like officer of the company (Director/ Partner etc.).
19. SCOPE FOR PROFESSIONALS
19
▰ The NCLT provide various opportunities for professionals to appear before the
Tribunal in case of sick companies, mergers/amalgamation/de-
merger/restructuring, reduction share capital, winding up proceeding, oppression
and mismanagement, Conversion Company from the public to private, which are
dealt with by Company court.
▰ The role of professionals was not only present facts before the NCLT, but also
provide complete considering the interest of all the stakeholder.
▰ Now, the professionals able to render services in preparing schemes, appearing
before NCLT, NCLAT for approval of Schemes and Post merger formalities.
20. SCOPE FOR PROFESSIONALS
20
▰ A Practicing Company Secretary can be appointed as a Technical Member of
NCLT, provided he has 15 years working experience as the secretary in whole-
time practice.
▰ The ICSI has played a major role in enhancing the creditability of its member
before the Appearing NCLT and also improving the skills of the members.
In the view of various opportunities for the professionals should standardize their
competencies with the global benchmarks to provide value-added services in assisting
tribunal in the dispensation of justice and speedy disposal of various matters under
Companies Act.
21. NCLAT- Legal Updates
21
Cases under Insolvency and Bankruptcy Code, 2016
1. Chirag Gada V. Bank of Baroda & Anr.
Company Appeal (AT) (Insolvency) No. 71 of 2018
Gist: In the present case ‘corporate insolvency resolution process’ period has been lapsed,
liquidation proceedings shaving started and the appellant being ineligible ‘Resolution
Applicant’ under Section 29A of IBC, no relief can be granted.
22. NCLAT- Legal Updates
…Contd
22
2. Mr. Satyaprakash Aggarwal & Ors. V. Vistar Metal Industries Pvt. Ltd.
Company Appeal (AT) (Insolvency) No. 136 of 2018
Gist: In a petition under section 7 of the ‘I&B Code’, the Adjudicating Authority is required to
decide whether the Form 1 along with documents is complete or not. The Adjudicating Authority is
not required to decide as to what is the actual amount of claim and other details, which is required
to be determined by the ‘Resolution Professional’ after initiation of ‘Corporate Insolvency Resolution
Process’.
3. Dhoom Singh V. Centenary Polytex Pvt. Ltd.
Company Appeal (AT) (Insolvency) No. 204 of 2018
Gist: Though we find that the parties have settled the dispute but in view that the application under
Section 9 has been admitted and Corporate Insolvency Resolution Process has started, no relief can
be granted by this Appellate Tribunal on the basis of settlement. The prayer made in this appeal is
accordingly rejected. However, this order will not come in the way of the parties to move before an
appropriate forum for appropriate relief.