Bharat National Company Law Tribunal Practice & Procedure By Ajay Kumar Edition March 2024

Bharat National Company Appellate Tribunal Practice Procedure

Bharat National Company Appellate Tribunal Practice Procedure

Description

The Companies Act, 2013, has introduced provisions for setting up of new Tribunal, namely, National Company Law Tribunal (NCLT). As per the new provisions, certain powers of High Court relating to merger, amalgamation, reduction of capital and winding up of companies, all matters relating to revival & rehabilitation of sick companies with Board for Industrial and Financial Reconstruction and all powers of Company Law Board alongwith certain new powers have now been vested in the National Company Law Tribunal. The powers relating to Insolvency matters in respect of corporate persons have also been vested in NCLT by virtue of passing of Insolvency and Bankruptcy Code, 2016. The appellate powers in relation to matters within the jurisdiction of National Company Law Tribunal have been vested in National Company Law Appellate Tribunal (NCLAT).

In view of the starting of functioning of the Tribunals, it is imperative that the relevant Law, relevant Rules and the Procedure to be followed there should be understood. This Book has been written with a view to present in a simple, comprehensive and exhaustive manner all procedures along with relevant sections of Companies Act, 2013 and relevant Rules of NCLT Rules, 2016 & NCLAT Rules, 2016. The Book has been divided into several Chapters covering all matters relating to Historical Background of NCLT/NCLAT, constitution & working of NCLT & NCLAT, giving procedure for drafting and filing applications under each section within jurisdiction of the Tribunals along with format of Resolutions and relevant forms. In ‘Appendices’ all necessary notifications/circulars relating to the Tribunals, Table of fees for various applications, NCLT Rules, 2016 and NCLAT Rules, 2016 have been given.

In the Fifth edition of the Book, procedure for making applications under Sections 7, 9, 10 and 95 of Insolvency and Bankruptcy Code, 2016 have been included. The law and procedure duly updated relating to the Compromises and Arrangement and Merger and Amalgamation of Companies, reduction of capital and restoration of struck off companies have also been included.

The recent orders passed by National Company Law Tribunal (NCLT), National Company Law Appellate Tribunal and the Supreme Court have been added in separate Chapters.

The Book in the present edition has been thoroughly updated to serve as a complete guide to all readers, especially, Advocates, Practising Company Secretaries, Practising Chartered Accountants, Practising Cost Accountants and the Corporate World

Contents

Chapter I             Historical Background of National Company Law Tribunal (NCLT)/National Company Law Appellate Tribunal (NCLAT)

Chapter II            Constitution of National Company Law Tribunal (NCLT)/National Company Law Appellate Tribunal (NCLAT) and Dissolution of Company Law Board (CLB)

Chapter III          Constitution of National Company Law Tribunal (NCLT) and Qualification etc. of president & Member thereof, Selection Procedure, Term of Office & Salary Allowances etc.

Chapter IV          Constitution of National Company Law Appellate Tribunal (NCLAT), Qualification of Chairperson & Members, Selection Procedure, Term of Office & Salary Allowances

Chapter V            General Provisions relating to National Company Law Tribunal (NCLT)/National Company Law Appellate Tribunal (NCLAT)

Chapter VI          Provisions Relating to Order of National Company Law Tribunal & National Company Law Appellate Tribunal

Chapter VII         Powers of National Company Law Tribunal/National Company Law Appellate Tribunal

Chapter VIII       Miscellaneous Provisions Relating to National Company Law Tribunal/National Company Law Appellate Tribunal

Chapter IX          Overview of Working of National Company Law Tribunal (NCLT)

Chapter X            Relevant Sections and Applications within the Jurisdiction of National Company Law Tribunal(NCLT) along with Procedures

Chapter XI          Recent Orders Passed by National Company Law Tribunal (NCLT)

Chapter XII         Recent Orders Passed by National Company Law Appellate Tribunal

Chapter XIII       Landmark Judgments by Supreme Court of India

Chapter XIV       Miscellaneous Applications/References under National Company Law Tribunal Rules, 2016

Chapter XV         Formats along with Applicable Rules for Relevant Documents required to be attached in General with various Applications to be Filed before NCLT

Chapter XVI       Jurisdiction of Principal Bench of NCLT

Chapter XVII      National Company Law Appellate Tribunal

Chapter XVIII    Jurisdiction of National Company Law Appellate Tribunal under Other Laws

Appendix I           Notifications/Circulars Regarding Constitutionof National Company Law Tribunal/National Company Law Appellate Tribunal

Appendix II         Removal of Difficulties Orders/Commence-ment of Sections within Jurisdiction of National Company Law Tribunal

Appendix III        Notifications/Circulars regarding Constitution of Benches of National Company Law Tribunal

Appendix IV        Order Regarding List of Members at Various Benches of National Company Law Tribunal

Appendix V         National Company Law Tribunal Rules, 2016

Appendix VI        National Company Law Appellate Tribunal Rules, 2016

Appendix VII            National Company Law Appellate Tribunal(Salaries and Allowances and other terms and conditions of service of the Chairperson and other Members) Rules, 2015

About the Author

Mr. Ajay Kumar, B.Com (Hons), L.L.B, FCS and ACIS (UK), author of the Book, is a well known Practising Company Secretary for the last 18 years. Before starting his practice as Company Secretary he had earlier worked as Assistant Registrar of Customs, Excise and Service Tax Appellate Tribunal, Mumbai, Bench Officer of Board for Industrial and Financial Reconstruction (BIFR), New Delhi, Assistant Registrar of Companies (ROC), Mumbai and Bench Officer of Company Law Board (CLB), Mumbai Bench