際際滷

際際滷Share a Scribd company logo

National Company Law Tribunal and NCLAT

Download as PPTX, PDF
R
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?

1 of 20
Downloaded 21 times
NATIONAL COMPANY LAW TRIBUNAL
Introduction NCLT is a separate quasi- judicial authority for company law matters established under the CompaniesAct, 2013 to handle corporate civil disputes arising under the Act and was constituted on June 01, 2016. It is an entity that has powers and procedures like those vested in a court of law or judge.
What is National Law Appellate Tribunal (NCLAT)? NCLAT is an appellate authority established for dealing with appeals arising out of the decisions of NCLT. NCLAT is new Forum of Quasi-Judicial and Have Following Powers:- Issue of Direction(s), orders, Summons,Warrants, or other mandatory Process Power to extend time Power to exempt.
Composition of NCLT
Composition of NCLAT
NCLT have the powers of Winding Up
NCLT have the powers of Compromise and Arrangements
NCLT have the powers of Revival and rehabilitation of sick companies
NCLT have the powers of Rectification of Register(s)
NCLT have the powers of Complaints relating to refusal to transfer/of transmission of shares
NCLT have the powers of Investigation & Compounding
NCLT have the powers of Oppression & Mismanagement
NCLT have the powers of Powers in terms of LLP Act, 2008
OldSystem Courts Scheme of compromise/ arrangements Winding up Reduction of Share/Capital Restoration of defunct companies Variation of rights Appeal againstCLB orders Amalgamation and restructuring C0mpany Law Board Matters relating to oppression and mismanagement Cause an investigation into the affairs of the company Compounding of offenses Directs inspection of minutes of general meeting book. Call for annual general meeting and meeting of members BIFR/AAIFR Revival of sick companies Corporate Dispute
PresentSystem
NewConcepts Class Action suits FinancialYear Changing Cross Border Merger Issue & Redemption of Preference Shares Re-operating of Account Power to Appoint Amicus Curiae
Advantage It is specialized court only for corporates, i.e., companies registered in India There is no other tribunal/ forum for corporate disputes. It will reduce the multiplicity of litigation before different forums an courts. It has multiple branches and is able to provide justice at a close range. It consists of both judicial and technical members while deciding on matters. The tie taken to windup a company is reduced. Speedy disposal of cases will help reduce the number of cases. NCLT & NCLAT have exclusive jurisdiction.
Appeals 1 NCLT 2 NCLAT (45 days under Act & 30 days under code) 3 SUPREMECOURT(60 days and only question of law)
The Insolvencyand BankruptcyCode,2016 & NCLT NCLT is an adjudicating authority for insolvency resolution process and liquidation of corporate debtors. (Section 60 of code) Crucial role: Right from accepting/ rejecting application filed for initiating the corporate insolvency resolution process till passing of dissolution order. NCLAT-Appellate authority
Challenges Overburden of appeals on NCLAT. With right to appeal to supreme Court on any question of law, a large number of cases may be delayed due to pendency of appeal before overburdened Supreme Court.

More Related Content

National Company Law Tribunal and NCLAT

  • 2. Introduction NCLT is a separate quasi- judicial authority for company law matters established under the CompaniesAct, 2013 to handle corporate civil disputes arising under the Act and was constituted on June 01, 2016. It is an entity that has powers and procedures like those vested in a court of law or judge.
  • 3. What is National Law Appellate Tribunal (NCLAT)? NCLAT is an appellate authority established for dealing with appeals arising out of the decisions of NCLT. NCLAT is new Forum of Quasi-Judicial and Have Following Powers:- Issue of Direction(s), orders, Summons,Warrants, or other mandatory Process Power to extend time Power to exempt.
  • 6. NCLT have the powers of Winding Up
  • 8. NCLT have the powers of Revival and rehabilitation of sick companies
  • 10. NCLT have the powers of Complaints relating to refusal to transfer/of transmission of shares
  • 13. NCLT have the powers of Powers in terms of LLP Act, 2008
  • 14. OldSystem Courts Scheme of compromise/ arrangements Winding up Reduction of Share/Capital Restoration of defunct companies Variation of rights Appeal againstCLB orders Amalgamation and restructuring C0mpany Law Board Matters relating to oppression and mismanagement Cause an investigation into the affairs of the company Compounding of offenses Directs inspection of minutes of general meeting book. Call for annual general meeting and meeting of members BIFR/AAIFR Revival of sick companies Corporate Dispute
  • 16. NewConcepts Class Action suits FinancialYear Changing Cross Border Merger Issue & Redemption of Preference Shares Re-operating of Account Power to Appoint Amicus Curiae
  • 17. Advantage It is specialized court only for corporates, i.e., companies registered in India There is no other tribunal/ forum for corporate disputes. It will reduce the multiplicity of litigation before different forums an courts. It has multiple branches and is able to provide justice at a close range. It consists of both judicial and technical members while deciding on matters. The tie taken to windup a company is reduced. Speedy disposal of cases will help reduce the number of cases. NCLT & NCLAT have exclusive jurisdiction.
  • 18. Appeals 1 NCLT 2 NCLAT (45 days under Act & 30 days under code) 3 SUPREMECOURT(60 days and only question of law)
  • 19. The Insolvencyand BankruptcyCode,2016 & NCLT NCLT is an adjudicating authority for insolvency resolution process and liquidation of corporate debtors. (Section 60 of code) Crucial role: Right from accepting/ rejecting application filed for initiating the corporate insolvency resolution process till passing of dissolution order. NCLAT-Appellate authority
  • 20. Challenges Overburden of appeals on NCLAT. With right to appeal to supreme Court on any question of law, a large number of cases may be delayed due to pendency of appeal before overburdened Supreme Court.