Civil Court Has No Jurisdiction In Matters In Respect Of Which Power Has Been Conferred On NCLT: SC [Read Order]
6 years, 2 months ago

Civil Court Has No Jurisdiction In Matters In Respect Of Which Power Has Been Conferred On NCLT: SC [Read Order]

Live Law  

The Supreme Court has observed that the jurisdiction of the civil court is completely barred in matters in respect of which power has been conferred on the National Company Law Tribunal.In Shashi Prakash Khemka vs. NEPC Micon, the bench comprising Justice L Nageswara Rao and Justice Sanjay Kishan Kaul was considering whether an issue qua the transfer of shares has to be adjudicated by civil. The Supreme Court has observed that the jurisdiction of the civil court is completely barred in matters in respect of which power has been conferred on the National Company Law Tribunal. In Shashi Prakash Khemka vs. NEPC Micon, the bench comprising Justice L Nageswara Rao and Justice Sanjay Kishan Kaul was considering whether an issue qua the transfer of shares has to be adjudicated by civil court or by the Company Law Board. It is not in dispute that were a dispute to arise today, the civil suit remedy would be completely barred and the power would be vested with the National Company Law Tribunal under Section 39 of the said Act," the bench said, referring to Section 430 of the Companies Act, 2013.

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History of this topic

NCLT Has No Jurisdiction To Convict Person For Offence U/S 68 Of IBC In View Of Section 236 Of IBC: NCLAT
3 weeks, 2 days ago

NCLT Has No Jurisdiction To Convict Person For Offence U/S 68 Of IBC In View Of Section 236 Of IBC: NCLAT

Live Law  

The National Company Law Appellate Tribunal New Delhi bench of Justice Yogesh Khanna and Mr. Ajai Das Mehrotra has held that the National Company Law Tribunal has no jurisdiction to convict a person for an offence under Section 68 under Chapter VII of Part II of the Insolvency and Bankruptcy Code, 2016 in view of the express provision contained in …

Schrödinger's Cat of Jurisdiction
1 month, 3 weeks ago

Schrödinger's Cat of Jurisdiction

Live Law  

Is it possible to exist in two states at once, alive and dead, until observed? Naturally, each case demands a prima facie assessment of facts to ascertain whether the dispute is a matter for the Tribunal's summary jurisdiction or one that requires the deeper evidentiary probe of civil courts. As a result, by affirming the High Court's decision to direct …

Appeal U/S 421 Of Companies Act Not Maintainable Against Interlocutory Order Permitting AGM, No Substantive Rights Affected: NCLAT
2 months, 1 week ago

Appeal U/S 421 Of Companies Act Not Maintainable Against Interlocutory Order Permitting AGM, No Substantive Rights Affected: NCLAT

Live Law  

The National Company Law Appellate Tribunal has recently held that an appeal under Section 421 of the Companies Act, 2013, against an interlocutory order permitting holding of an Annual General Meeting without affecting the substantive rights of the appellants is not maintainable. The NCLAT bench presided over by Justice Sharad Kumar Sharma and Jatindranatha Swain], observed, "In fact, looking at …

Can NCDRC Technical Member Sitting Singly Preside Over Bench? Supreme Court To Consider
3 months, 2 weeks ago

Can NCDRC Technical Member Sitting Singly Preside Over Bench? Supreme Court To Consider

Live Law  

The Supreme Court recently stayed proceedings in a consumer case pending before the National Consumer Disputes Redressal Commission, on challenge to an order passed therein by a Technical Member alone.A bench of Justices Dipankar Datta and Sandeep Mehta granted stay upon hearing Senior Advocate Trideep Pais for the appellant, who contended that the impugned order suffered from the vice of. …

Reduction Of Share Capital Does Not Exempt Company From Fulfilling Other Statutory Obligations: NCLT Ahmedabad
3 months, 3 weeks ago

Reduction Of Share Capital Does Not Exempt Company From Fulfilling Other Statutory Obligations: NCLT Ahmedabad

Live Law  

The National Company Law Tribunal, Ahmedabad comprising of Dr V.G Venkata Chalapathy and Chitra Hankare approved a Section 66 application of Companies Act, 2013 filed by the Mahan Industries, seeking confirmation in the reduction of its share capital. Background of the Case The following case involves an application filed by Mahan Industries under Section 66 of the Companies Act, 2013 …

No Irreversible Actions In Winding Up, Company Court Can Transfer Proceedings To NCLT: Bombay High Court
9 months, 2 weeks ago

No Irreversible Actions In Winding Up, Company Court Can Transfer Proceedings To NCLT: Bombay High Court

Live Law  

The Bombay High Court bench of Justice Abhay Ahuja held that as long as no irreversible actions, such as actual sales of immovable or movable properties, have occurred, the Company Court retains the discretion to transfer proceedings to the NCLT. Brief Facts: The Applicant approached the Bombay High Court to transfer Company Petition No.317 of 2012 to the National Company …

Monthly Digest Of IBC Cases: May 2024
9 months, 2 weeks ago

Monthly Digest Of IBC Cases: May 2024

Live Law  

SUPREME COURT Can Homebuyer's Claim For Apartment Be Rejected For Not Filing Claim During Insolvency Process Against Builder? 1398 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that documentary evidence including postal receipt mentioning the registered address of the Corporate Debtor confirms the issuance of a Demand …

Weekly Digest Of IBC Cases: 29th January To 4th February 2024
1 year, 1 month ago

Weekly Digest Of IBC Cases: 29th January To 4th February 2024

Live Law  

Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association V M/S. : Company Appeal No.1650 of 2023 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Shri Barun Mitra and Shri Arun Baroka, has held that a resolution applicant who has participated in the process, has locus to object the application filed by Resolution Professional …

Weekly Digest Of IBC Cases: 8th To 14th January 2024
1 year, 2 months ago

Weekly Digest Of IBC Cases: 8th To 14th January 2024

Live Law  

NCLAT Case title: Partha Sarathy Sarkar v Specified Undertaking of Unit Trust of India Ltd & Ors. 1340 of 2023 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has held that when the Committee of Creditors passes a resolution to replace the Resolution Professional, then it is not open for …

S.274 Companies Act | NCLT Can Only Direct Company & Not It's Shareholders To File Written Statement & Objections During Winding Up: Kerala HC
1 year, 3 months ago

S.274 Companies Act | NCLT Can Only Direct Company & Not It's Shareholders To File Written Statement & Objections During Winding Up: Kerala HC

Live Law  

The Kerala High Court recently laid down that the National Company Law Tribunal can only direct the Company to file its objections along with the statement of affairs when a petition for winding up of the Company before the Tribunal had been filed by any person other than the Company itself. Justice C. Jayachandran, passed the order on perusing Section …

Monthly Digest Of IBC Cases: November 2023
1 year, 3 months ago

Monthly Digest Of IBC Cases: November 2023

Live Law  

Supreme Court IBC Resolution Plan Can't Ignore Government Dues: Supreme Court Dismisses Review Petitions Against 'Rainbow Papers' Case title: Sanjay Agarwal v. State Tax Officer Citation: 2023 LiveLaw 939 The Supreme Court has dismissed a batch of review petitions filed against a 2022 judgment which held that the definition of a secured creditor under the Insolvency and Bankruptcy Code, 2016 …

Weekly Digest Of IBC Cases: 30th October To 5th November 2023
1 year, 4 months ago

Weekly Digest Of IBC Cases: 30th October To 5th November 2023

Live Law  

Supreme Court IBC Resolution Plan Can't Ignore Government Dues: Supreme Court Dismisses Review Petitions Against 'Rainbow Papers' Case title: Sanjay Agarwal v. State Tax Officer Citation: 2023 LiveLaw 939 The Supreme Court has dismissed a batch of review petitions filed against a 2022 judgment which held that the definition of a secured creditor under the Insolvency and Bankruptcy Code, 2016 …

Monthly Digest Of IBC Cases: October 2023
1 year, 4 months ago

Monthly Digest Of IBC Cases: October 2023

Live Law  

Supreme Court The Supreme Court bench comprising Justices S Ravindra Bhat and Aravind Kumar, has held that homebuyers cannot be treated differently from other "financial creditors" under the Insolvency and Bankruptcy Code 2016 just because they have secured orders from the authority under the Real Estate Act 2016. 799 of 2023 The National Company Law Appellate Tribunal, Principal Bench, New …

NCLAT Chennai: Threshold To Maintain Oppression Proceedings Not Limited To Holding Of Shares Alone But Extends To Manner Of Acquiring Of Shares
1 year, 4 months ago

NCLAT Chennai: Threshold To Maintain Oppression Proceedings Not Limited To Holding Of Shares Alone But Extends To Manner Of Acquiring Of Shares

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla has dismissed an appeal and held that the threshold to maintain oppression proceedings is not only limited to the holding of shares alone but also extends to the manner in which the shares were acquired. Further apart from there being a threshold of shareholding …

NCLAT Chennai: Shareholders Cannot Take Decisions For The Company’s Business Or Hold Negotiations With Parties
1 year, 4 months ago

NCLAT Chennai: Shareholders Cannot Take Decisions For The Company’s Business Or Hold Negotiations With Parties

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla has dismissed an appeal filed by Jitendra Virmani against Mro-Tek Realty Limited. The Appellate Tribunal held that the Board of Directors has the onus to take decisions for the Company’s business or negotiations with the parties concerned and not the shareholders of the company. …

NCLAT Chennai: Grounds Not Taken On Jurisdiction Before Cannot Be Contested Afresh On Appeal When The Parties Accepted The Jurisdiction In NCLT
1 year, 5 months ago

NCLAT Chennai: Grounds Not Taken On Jurisdiction Before Cannot Be Contested Afresh On Appeal When The Parties Accepted The Jurisdiction In NCLT

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla dismissed the appeal filed by Jitendra Virmani against the National Company Law Tribunal Bangalore order dated 27.11.2019. The Appellate Tribunal held that the grounds not taken on jurisdiction before the NCLT, cannot be contested afresh on appeal as the parties have exercised acquiescence and …

NCLAT New Delhi: Disputes Surrounding Claims And Counter-Claims Cannot Be Adjudicated Or Determined By The Adjudicating Authority Given Their Summary Jurisdiction
1 year, 5 months ago

NCLAT New Delhi: Disputes Surrounding Claims And Counter-Claims Cannot Be Adjudicated Or Determined By The Adjudicating Authority Given Their Summary Jurisdiction

Live Law  

The National Company Law Appellate Tribunal, Jaipur Bench comprising of Justice Ashok Bhushan and Barun Mitra, dismissed the appeal filed in Rakesh Kumar vs. The appeal has been preferred by Rakesh Kumar of Suchi Paper Mills Ltd. against the National Company Law Tribunal New Delhi’s order admitting the Corporate Debtor into Corporate Insolvency Resolution Process under Section 9 of the …

Monthly Digest Of IBC Cases: September 2023
1 year, 5 months ago

Monthly Digest Of IBC Cases: September 2023

Live Law  

Supreme Court Case Title: Eva Agro Feeds Private Limited V. Punjab National Bank & Anr., Civil Appeal No. 971, 972 & 973 of 2023 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has held that IBC provisions do not indicate that all information collected by the Resolution Professional is required …

Proceedings Under Section 13 Of Companies Act, 2013 Can’t Be Questioned In Proceedings Under Section 7 Of IBC: NCLAT Delhi
1 year, 6 months ago

Proceedings Under Section 13 Of Companies Act, 2013 Can’t Be Questioned In Proceedings Under Section 7 Of IBC: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan, Shri Barun Mitra and Shri Arun Baroka, while adjudicating an appeal filed in Ishan Singh v Spaze Towers Pvt. The Financial Creditor filed an application in the Section 7 petition, praying to take on record application filed by the Corporate Debtor under Section 13 of the …

Special Bench At NCLT Principal Bench From 11th To 15th September 2023
1 year, 6 months ago

Special Bench At NCLT Principal Bench From 11th To 15th September 2023

Live Law  

The National Company Law Tribunal has issued a circular dated 05.09.2023, intimating the constitution of Special Bench for NCLT Principal Bench from 11.09.2023 to 15.09.2023. The Special Bench shall attend to the matters listed before Justice Ramalingam Sudhakar and Shri Avinash Kumar Srivastava. The Special Bench shall comprise of: NCLT Principal Bench Shri Ashok Kumar Bhardwaj Shri Avinash Kumar Srivastava …

Weekly Digest Of IBC Cases: 8 May To 14 May 2023
1 year, 10 months ago

Weekly Digest Of IBC Cases: 8 May To 14 May 2023

Live Law  

Supreme Court Case Title: Sanket Kumar Agarwal & Anr v APG Logistics Private Limited Citation: 2023 LiveLaw 406 The Supreme Court Bench comprising Chief Justice of India Dr. Dhananjaya Y Chandrachud and Justice J B Pardiwala, has held that for the purpose of computing limitation for filing of appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016, the …

Weekly Digest Of IBC Cases: 20 February To 26 February 2023
2 years ago

Weekly Digest Of IBC Cases: 20 February To 26 February 2023

Live Law  

NCLAT Principal Amount Paid In Full, Section 9 Application Not Maintainable For Recovery Of Interest: NCLAT Delhi Case Title: Rohit Motawat v Madhu Sharma Case No. 1152 of 2022 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Rakesh Kumar Jain and Mr. Naresh Salecha, has held that an application under Section 9 of IBC being pursued …

Supreme Court Annual Digest 2022- Negotiable Instruments Act
2 years, 2 months ago

Supreme Court Annual Digest 2022- Negotiable Instruments Act

Live Law  

Negotiable Instruments Act, 1881 Section 3 - Banker Negotiable Instruments Act, 1881 - Section 3 - ‘Banker’ includes any person acting as a banker and any post office savings bank. Pradeep Kumar v. Post Master General, 2022 LiveLaw 139 : 6 SCC 351 Section 13 - “Negotiable instrument” Negotiable Instruments Act, 1881 - Section 13 - Different principles apply for …

Section 59 Companies Act 2013 - NCLT Cannot Excercise Parallel Jurisdiction With SEBI For Addressing Violations Of SEBI Regulations: Supreme Court
2 years, 2 months ago

Section 59 Companies Act 2013 - NCLT Cannot Excercise Parallel Jurisdiction With SEBI For Addressing Violations Of SEBI Regulations: Supreme Court

Live Law  

The Supreme Court has held National Company Law Tribunal under Section 59 of Companies Act, 2013, cannot excercise a parallel jurisdiction with Securities and Exchange Board of India6 for addressing violations of the Regulations framed under the SEBI Act.The court held that rectificatory jurisdiction of the NCLT under Section 59 of the Companies Act,2013, is summary in nature. The Supreme …

Judicial Service Examination- Questions Based On Latest Supreme Court Judgements
2 years, 2 months ago

Judicial Service Examination- Questions Based On Latest Supreme Court Judgements

Live Law  

In Sukhal Singh Khaira v. State of Punjab, the Supreme Court made some important observations with respect to Section 319, CrPC. In case of conflict between RERA and SARFAESI, the former would prevail c. Real Estate Regulatory Authority can entertain complaints by home buyers against the bank which took possession of a real estate project as a secured creditor d. …

Companies Act, 2013 | Civil Court Has Jurisdiction To Determine Title Of Shares Issued 'Fraudulently': Calcutta High Court
2 years, 3 months ago

Companies Act, 2013 | Civil Court Has Jurisdiction To Determine Title Of Shares Issued 'Fraudulently': Calcutta High Court

Live Law  

The Calcutta High Court has clarified that under the Companies Act, 2013, Civil Courts have jurisdiction to enquire into allegations of fraud pertaining to the title of issued shares. The Court clarified that the NCLT is not competent to enquire into such allegations of fraud made in respect of refusal to transfer and/or record the names of shareholders in the …

Gujarat High Court Refuses Former NCLT Member's Plea For Re-Appointment
2 years, 3 months ago

Gujarat High Court Refuses Former NCLT Member's Plea For Re-Appointment

Live Law  

The Gujarat High Court Bench comprising of Justice N.V. Anjaria and Justice Sandeep N. Bhatt, while adjudicating a petition filed in Manorama Kumari v Union of India, has rejected the plea of a former NCLT Member for re-appointment as a Judicial Member of NCLT, after having served a term of 5 years and being retired. The Petitioner held office for …

Arbitration Cases Weekly Round-Up: 2 October To 8 October, 2022
2 years, 5 months ago

Arbitration Cases Weekly Round-Up: 2 October To 8 October, 2022

Live Law  

Supreme Court: Arbitral Tribunal Must Give Reasons For Fixing Interest Rate; Award Holder Not Entitled To Interest For Delay Caused By It : Supreme Court Case Title: Executive Engineer versus Gokul Chandra Kanungo The Supreme Court recently held that a case where the award holder was responsible for delaying the proceedings which led to a huge lapse of time would …

IBC Cases Monthly Round Up: August 2022
2 years, 6 months ago

IBC Cases Monthly Round Up: August 2022

Live Law  

Supreme Court Entries In Book Of Accounts/Balance Sheet Of Corporate Debtor Can Be Treated As Acknowledgment Of Liability Of Debt Payable To Financial Creditor: SupremeCourt Case Title: Asset Reconstruction Company Limited v Tulip Star Hotels Limited Case No. 425 of 2022 The National Company Law Appellate Tribunal bench comprising of Justice Ashok Bhushan, Justice N Satyanarayana Murthy and Mr. Barun …

IBC Cases Weekly Round Up : 1 August To 7August, 2022
2 years, 7 months ago

IBC Cases Weekly Round Up : 1 August To 7August, 2022

Live Law  

Supreme Court Case Title: Asset Reconstruction Company Limited v Tulip Star Hotels Limited Case No. 968 of 2020 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Anant Bijay Singh and Ms. Shreesha Merla, has upheld the dismissal of a Section 9 petition on the grounds of the Corporate Debtor being a solvent company, operating as a 'going …

IBC Cases Weekly Round Up: July 10 To 17 July, 2022
2 years, 8 months ago

IBC Cases Weekly Round Up: July 10 To 17 July, 2022

Live Law  

Supreme Court Case Title: Vidarbha Industries Power Ltd. vs Axis Bank Limited Case No. The National Company Law Tribunal, Mumbai Bench, comprising of Shri H. V. Subba Rao Shri Chandra Bhan Singh, has directed the Resolution Professional to file a fresh a report under Section 99 of the Insolvency and Bankruptcy Code, 2016 for recommending approval or rejection of insolvency …

IBC Cases Weekly Round-Up: 27 June To 3 July 2022
2 years, 8 months ago

IBC Cases Weekly Round-Up: 27 June To 3 July 2022

Live Law  

NCLT NCLT Kolkata Initiates Insolvency Process Against The Personal Guarantor Of Gontermann-Pipers Ltd. Case Title: UCO Bank v Vinod Kumar Mittal Case No. : C.P./242021 The National Company Law Tribunal, Kolkata Bench, comprising of Shri Rohit Kapoor and Shri Harish Chander Suri, has initiated Insolvency Resolution Process against Mr. Vinod Kumar Mittal, who is the Personal Guarantor to the loan …

Monthly Digest Of IBC Cases: June 2022
2 years, 8 months ago

Monthly Digest Of IBC Cases: June 2022

Live Law  

NCLAT Case Title: Puneet Kaur v K V Developers Private Limited Case No. 645 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Mr. Naresh Salecha, has stayed the Corporate Insolvency Resolution Process of RHC Holdings Pvt Ltd. initiated by NCLT New Delhi on 13.05.2022. The National Company Law Appellate Tribunal, Principal Bench, …

Supreme Court Adjourns To Tomorrow NCLT Bar Association's Plea Challenging 3 Year Tenure Of NCLT Members
2 years, 9 months ago

Supreme Court Adjourns To Tomorrow NCLT Bar Association's Plea Challenging 3 Year Tenure Of NCLT Members

Live Law  

Supreme Court on Wednesday adjourned to tomorrow a petition filed by the NCLT Bar Association challenging the notification of the Ministry of Corporate Affairs fixing the tenure of the members of National Company Law Tribunal as 3 years. A vacation bench comprising Justice JK Maheshwari and Justice Hima Kohli granted one day time to the Solicitor General to place on …

Proceedings Against Personal Guarantor Of Corporate Debtor Can Be Continued Independently - Supreme Court Lifts The Stay
2 years, 10 months ago

Proceedings Against Personal Guarantor Of Corporate Debtor Can Be Continued Independently - Supreme Court Lifts The Stay

Live Law  

Supreme Court bench comprising of Justice S Abdul Nazeer and Justice Vikram Nath vide its order dated 06.05.2021 in the case of Mahendra Kumar Jajodia versus State Bank of India, Civil Appeal No. NCLAT held that even in the absence of any pending Corporate Insolvency Resolution Process or Liquidation proceedings, the application under Section 95 of the Insolvency Bankruptcy Code, …

The Corporate Democracy And Demarcation Of Powers Of NCLT & Civil Courts
2 years, 11 months ago

The Corporate Democracy And Demarcation Of Powers Of NCLT & Civil Courts

Live Law  

T he recent developments appear to suggest that Invesco, one of the investors of Zee, has decided to withdraw its requisition notice which sought the removal of MD and CEO Mr. Punit Goenka from Board of Directors of Zee. The Bombay High Court in its recent judgement had the occasion to dwell upon Section 430 of the Companies Act, 2013 …

Insolvency Law In Review – January 2022
2 years, 11 months ago

Insolvency Law In Review – January 2022

Live Law  

The enactment of the Insolvency and Bankruptcy Code 2016 has had significant ramifications on the corporate insolvency landscape. In State Bank of India v. Mahendra Kumar Jajodia, the NCLAT, New Delhi held that the National Company Law Tribunal, Kolkata erred in holding that since no corporate insolvency resolution process or liquidation proceeding of the corporate debtor were pending, the application …

The 'Adjudicating Authority' Is Not A 'Court Of Law' And 'CIRP' Is Not Synonymous To 'Litigation': NCLAT
3 years, 2 months ago

The 'Adjudicating Authority' Is Not A 'Court Of Law' And 'CIRP' Is Not Synonymous To 'Litigation': NCLAT

Live Law  

NCLAT, Chennai Bench comprising Justice M. Venugopal and Kanthi Narahari in the case of Drip Capital Inc. v. Concord Creations P. Ltd. set aside the order passed by the Adjudicating Authority, Bengaluru Bench, holding that the 'Adjudicating Authority' is not a 'Court of Law' and 'CIRP' is not synonymous to litigation. Section 7 allows the financial creditor, either by itself …

Residuary Jurisdiction Of The National Company Law Tribunal Under Section 60(5) Of The Insolvency And Bankruptcy Code, 2016: A Brief Analysis
3 years, 10 months ago

Residuary Jurisdiction Of The National Company Law Tribunal Under Section 60(5) Of The Insolvency And Bankruptcy Code, 2016: A Brief Analysis

Live Law  

Pursuant to Section 60 of the Insolvency and Bankruptcy Code, 2016 the National Company Law Tribunal is bestowed with the jurisdiction to decide: 'any' application or proceeding against a corporate debtor; 'any' claim made by or against a corporate debtor including claims by or against its subsidiaries; and 'any' questions of priority or 'any' question of law or facts, arising …

NCLAT Asks NCLT To Constitute A Two Member Bench To Dispose Matter In Conformity With SC Directions [Read Order]
4 years, 6 months ago

NCLAT Asks NCLT To Constitute A Two Member Bench To Dispose Matter In Conformity With SC Directions [Read Order]

Live Law  

The National Company Law Appellate Tribunal has ordered the National Company Law Tribunal to constitute a bench comprising of a Judicial Member and a Technical Member for disposal of a matter. The bench comprising of Justice Bansi Lal Bhatt, Justice Jarat Kumar Jain and Justice Ashok Kumar Mishra noted that the matter was identical to the case of SonuCargo Movers …

Dispute As To Inheritance Of Shares Cannot Be Decided In Proceedings U/s 241/242 Of Companies Act, 2013: SC [Read Judgment]
4 years, 8 months ago

Dispute As To Inheritance Of Shares Cannot Be Decided In Proceedings U/s 241/242 Of Companies Act, 2013: SC [Read Judgment]

Live Law  

The Supreme Court has observed that a dispute as to inheritance of shares cannot be decided in proceedings under section 241/242 of the Companies Act, 2013. Section 241 of the Companies Act deals with application to the National Company Tribunal for Relief in Cases of Oppression, etc and Section 242 deals with the power of Tribunal to deal with such …

NCLT (Judicial) Member Challenges His Transfer In Delhi High Court
4 years, 9 months ago

NCLT (Judicial) Member Challenges His Transfer In Delhi High Court

Live Law  

A member of National Company Law Tribunal has moved the Delhi High Court against the order transferring him from the Mumbai Bench to the Kolkata Bench of NCLT. "The action of the Respondent No.2 in issuing the transfer orders transferring Petitioner, is in violation of rule 15A of the NCLT Rules, 2015, as amended from time to time as also …

NCLAT Sets aside NCLT Order To Add MCA As Party In All IBC Cases And Company Petitions [Read Order]
4 years, 9 months ago

NCLAT Sets aside NCLT Order To Add MCA As Party In All IBC Cases And Company Petitions [Read Order]

Live Law  

The National Company Law Appellate Tribunal set aside an order of National Company Law Tribunal which mandated the impleadment of the Union Ministry of Corporate Affairs as a party in all Insolvency and Bankruptcy Code matters and Company petitions. In short, the impugned order making it applicable throughout the country to all the Benches of the National Company Law Tribunal …

NCLAT to have a bench at Chennai, notification issued
5 years ago

NCLAT to have a bench at Chennai, notification issued

Live Mint  

A bench of the National Company Law Appellate Tribunal is being constituted in Chennai to handle matters arising from Southern states. The government has notified the constitution of the National Company Law Appellate Tribunal, Chennai Bench, which will come into effect from March 18, 2020. The Chennai-based bench would hear the appeals against the orders of the benches of the …

Centre Constitutes NCLAT Bench At Chennai [Read Notification]
5 years ago

Centre Constitutes NCLAT Bench At Chennai [Read Notification]

Live Law  

The Central government has constituted another Bench of the National Company Law Appellate Tribunal at Chennai, to hear appeals against the orders of the Benches of the National Company Law Tribunal having jurisdiction of Karnataka, TN, Kerala, AP, Telangana, Lakshadweep and Puducherry. A notification issued in that behalf by the Ministry of Corporate Affairs on Friday clarifies that the bench …

Govt. moves NCLAT against NCLT directive to make MCA party in all insolvency cases
5 years, 3 months ago

Govt. moves NCLAT against NCLT directive to make MCA party in all insolvency cases

The Hindu  

The government moved the National Company Law Appellate Tribunal against an order passed by National Company Law Tribunal to make the Ministry of Corporate Affairs a party in all applications filed under the Insolvency and Bankruptcy Code as well as the Companies Act. Passing an order on November 22 in the Oriental Bank of Commerce versus Sikka Papers case, the …

Notice Of NCLAT Appeal Has To Be Served Regardless Of Supply Of Advance Copy of Appeal Paper Book: SC [Read Judgment]
6 years ago

Notice Of NCLAT Appeal Has To Be Served Regardless Of Supply Of Advance Copy of Appeal Paper Book: SC [Read Judgment]

Live Law  

The Supreme Court has observed that stipulation of service of notice on the other side, pursuant to issuance of notice by the National Company Law Appellate Tribunal in an appeal, has to be complied with, regardless of supply of advance copy of appeal paper book prior to the issuance of notice by NCLAT. Senior Advocate Kapil Sibal, on behalf of …

NCLT Empowered To Decide Issues Relating To Allotment Of Share Capital, Alteration And Rectification Of The Register Of Members: Delhi HC [Read Judgment]
6 years, 5 months ago

NCLT Empowered To Decide Issues Relating To Allotment Of Share Capital, Alteration And Rectification Of The Register Of Members: Delhi HC [Read Judgment]

Live Law  

'The non-compliance of any conditions contained in Section 62 of the 2013 Act also constitutes mismanagement of the company, inasmuch as under Section 241 of the 2013 Act, the conduct of affairs of the company "in a manner prejudicial" to any member or "in a manner prejudicial to the interest of the company", would be governed by the same. The …

Each And All Proceedings Under Companies Act 1956 Stands Transferred To NCLT, Holds Calcutta HC [Read Judgment]
6 years, 6 months ago

Each And All Proceedings Under Companies Act 1956 Stands Transferred To NCLT, Holds Calcutta HC [Read Judgment]

Live Law  

434 of the 2013 Act carries an absolutely clear mandate that all proceedings under the Companies Act, 1956 including proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of companies before the date of coming into operation of that Section in the High Court shall stand transferred to the NCLT. It admits of no exception.” The Calcutta High …

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