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The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies. [1] The tribunal, established under the Companies Act 2013, was constituted on 1 June 2016 by the government of India and is based on the recommendation of the V. Balakrishna Eradi committee on law relating to the insolvency and the winding up of companies.
In the case of a corporate debtor, an application for insolvency proceedings must be submitted to the Adjudicating Authority (AA), which is the NCLT. The application may be filed by a financial creditor (Section 7), an operational creditor (Section 9), or the corporate debtor (Section 10) itself.
The new code will speed up the resolution process for stressed assets in the country. It attempts to simplify the process of insolvency and bankruptcy proceedings. It handles the cases using two tribunals like NCLT (National company law tribunal) and Debt recovery tribunal. Dr. Navrang Saini, Dr. Ms. Mukulita Vijayawargiya and Sh.
Tribunals in India are quasi-judicial bodies for settling various administrative and tax-related disputes, including matters that are under the jurisdiction of Central Administrative Tribunal (CAT), Income Tax Appellate Tribunal (ITAT), Customs, Excise and Service Tax Appellate Tribunal (CESTAT), National Green Tribunal (NGT), Competition Appellate Tribunal (COMPAT) and Securities Appellate ...
By the end of March 1991, the BIFR had registered 1020 cases and heard 954. 175 were dismissed as not maintainable, and 124 were approved for the company to try to become net-worth positive on their own. Of the other 661 cases, the board sanctioned 182 revival plans and recommended that 120 cases be wound up. [15]
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The supreme court ruled that according to the Article 239AA of the Indian constitution, although the government had to keep him or her informed of its decisions, Delhi's lieutenant governor had no independent decision-making powers and had to follow the aid and advice of the chief-minister-led council of ministers of the Government of Delhi on ...
Lawmakers on Capitol Hill are on the clock to avoid a government shutdown after a bipartisan funding agreement fell through Wednesday.. President-elect Donald Trump and allies Elon Musk and Vivek ...