What is the work of 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.
What do you mean by NCLT and Nclat?
BACKGROUND. The National Company Law Tribunal (NCLT) & The National Company Law Appellate Tribunal (NCLAT) were established on 1st June, 2016 under the Companies Act, 2013. The NCLT & NCLAT are quasi-judicial bodies in India that adjudicate issues relating to Indian Companies.
How many NCLT and Nclat are there in India?
NCLT has 16 benches throughout India. NCLAT has two benches throughout India one at New Delhi and another at Chennai.
Who can apply to 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 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 Allahabad, one at Bengaluru, one at Chandigarh, two at Chennai, one at Cuttack, one at Guwahati, three at Hyderabad of which one is at Amaravathi, one at Jaipur, one at Kochi, two at Kolkata and five at …
What is BIFR and NCLT?
History. The BIFR was established under The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) would take over the functions of the BIFR and other bodies and speed up the process of winding down sick companies.
When was Nclt formed?
June 1, 2016
National Company Law Tribunal/Founded
The tribunal was established under the Companies Act 2013 and 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.
What is the full form of ITAT?
Income Tax Appellate Tribunal – About ITAT Information about ITAT and its Officers. Past Registry Officers +
How many Nclats are there in India?
Five new Benches of NCLT have been announced at Jaipur, Cuttack, Kochi, Indore and Amaravati, bringing the total number of Benches to 16 (including the Principal Bench). The NCLAT now functions at a strength of 5 courts, 4 at the Principal Bench in New Delhi and the 5th at NCLAT, Chennai.
What is IBC Code India?
The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The IBC has 255 sections and 11 Schedules.
Is NCLT a court?
The National Company Law Tribunal is a quasi-judicial body in India that adjudicates issues relating to Indian companies. The tribunal was established under the Companies Act 2013 and was constituted on 1 June 2016 by the government of India and is based on the recommendation of the V.
Is Nclt a court?