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What is the role of NCLT?

What is the role of NCLT?

NCLT works on the lines of a normal Court of law in the country and is obliged to fairly and without any biases determine the facts of each case and decide with matters in accordance with principles of natural justice and in the continuance of such decisions, offer conclusions from decisions in the form of orders.

How many NCLT are there in India?

The tribunal has sixteen benches, six at New Delhi (one being the principal bench) and two at Ahmedabad, one at Prayagraj, one at Bengaluru, one at Chandigarh, two at Chennai, one at Cuttack, one at Guwahati, three at Hyderabad of which one is at Amaravati, one at Jaipur, one at Kochi, two at Kolkata and five at Mumbai …

What it means when company is under NCLT?

National Company Law Tribunal. NCLT is a quasi-judicial authority incorporated for dealing with corporate disputes that are of civil nature arising under the Companies Act. Pertaining to claims of oppression and mismanagement of a company, winding up of companies and all other powers prescribed under the Companies Act.

Who introduced NCLT in India?

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.

Who is President of NCLT?


Sr.No Title Date of Joining
1 Hon’ble Justice Shri Mahesh Mittal Kumar, President 1pers-pdf.pdf 11/02/0016
2 Justice Rajesh Dayal Khare 04/07/2019
3 Shri Bethala Shanta Vijaya Prakash Kumar, Hon’ble Acting President 16/02/0016
4 Justice P.K. Saikia 27/06/2016

Is NCLT a civil court?

The Bombay High Court in its recent judgement had the occasion to dwell upon Section 430 of the Companies Act, 2013 which bars the jurisdiction of a civil court in the determination of any matter or proceeding that the National Company Law Tribunal (“NCLT”) and National Company Law Appellate Tribunal (“NCLAT”) are …

Who can apply in NCLT?

)Financial creditor or b)Operational Creditor or c)Corporate itself. Under Section 7 – Financial creditor can, either alone or jointly with others, file an application before NCLT for initiating IRP when default has occurred.

How many members are there in NCLT?

Sr.No Name Desingnation
1 Sh. Abni Ranjan Kumar Sinha Member (J)
2 Ms. Sumita Purkayastha Member (T)
3 Sh. Laxmi Narayan Gupta Member (T)
4 Sh. Hemant Kumar Sarangi Member (T)

What is difference between NCLT and NCLAT?

The NCLT is the adjudicating authority for insolvency resolution process of companies and limited liability partnerships under the Insolvency and Bankruptcy Code, 2016. Decisions of the NCLT may be appealed at the National Company Law Appellate Tribunal (NCLAT).

Who is the chairman of NCLT?

Who can file complaint in NCLT?

Who is president of NCLT?

Who is current President of NCLT?

Who can file a case in NCLT?

Who can file NCLT?

Minimum amount of default. A financial creditor can file application before NCLT against a corporate debtors where the minimum amount of the default is one lakh rupees.

Can CA appear before NCLT?

Cost Accountant in practice cannot appear before NCLT and NCLAT till the amendment of Companies (Amendment) Bill, 2016 comes into effeect.

Who files insolvency petition?

A debtor (insolvent person) can file an insolvency petition if he/she is unable to pay his/her debts on fulfilment of any of the following three conditions: his/her debts amount to Rs.

What is the limit for filing NCLT?

Rs. 1 crore
NCLAT held that it is seen that notification dated 24.3. 2020 makes it unambiguously clear that the threshold limit to be considered for section 9 application will be Rs. 1 crore. This threshold limit will be applicable for application filed u/s 7 or 9 on or after 24.3.