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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.
The National Company Law Appellate Tribunal (NCLAT) is a tribunal which was formed by the Central Government of India under Section 410 of the Companies Act, 2013.The NCLAT was formed as a body with an appellate jurisdiction at the same time when NCLT was established as a major reform as per powers granted to the Ministry of Corporate Affairs in India.
The plea for insolvency was submitted by company on 23 January 2017. The resolution plan was submitted to NCLT within a period of 180 days as required by the code, and the approval for the same was received on 2 August 2017 from the tribunal. The final order was uploaded on 14 August 2017 on the NCLT website. [5]
The Central Government has approved the appointment of former Chief Justice of Manipur High Court, Justice Ramalingam Sudhakar as the president of the National Company Law Tribunal (NCLT) for a period of five years in October 28, 2021.
The NCLT considered the report on 25 March 2022, along with appointing an interim resolution professional, All operational and financial creditors were asked to submit their claims before 8 April of the same year. The insolvency proceedings were completed after 180 days from the date of commencement of the proceedings, i.e., on 21 September 2022.
In 2017, the company was renamed to Qube Cinema Technologies Pvt. Ltd. and in November 2017, it announced the signing of a definitive agreement to merge with UFO Moviez Ltd. [2] but after significant procedural roadblocks in the process at the NCLT Mumbai, the merger was called off in early 2019. [3]
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The Tata Group (/ ˈ t ɑː t ɑː /) is an Indian group of companies headquartered in Mumbai. [3] [4] Established in 1868, it is India's largest business conglomerate, with products and services in over 160 countries, and operations in 100 countries.