NCLT stand for National Company Law Tribunal. It is a quasi-judicial body in India that adjudicates issues relating to Indian companies.Hera are some key points :
Main Functions Of NCLT :
1) Corporate Law Matters : Handles cases under the Companies Act, 2013.
2) Insolvency Proceedings : Deals with insolvency and bankruptcy matters under the Insolvency and Bankruptcy Code (IBC),2016.
3) Oppression & Mismanagement : Handles cases where minority shareholders allege oppression or mismanagement by the majority.
4) Compounding Of Offenses : Can compound certain offenses under the Companies Act.
5) Winding Up Of Companies : Has the authority to order the winding of companies.
APPEALS :
Decisions of the NCLT can be appealed to the National Company Law Appellate Tribunal(NCLAT), and further to the Supreme Court Of India , If needed.
If you’re referring to a specific NCLT case or need help with something like how to file a petition , a recent judgment,or understandings process feel free to share more details.
Here’s breakdown of the types of cases handled by NCLT and NCLAT in India.
Cases Handled By NCLT(National Company Law Tribunal)
1. Insolvency and Bankruptcy (IBC) cases
-Cooperate Insolvency Resolution Process (CIRP) under IBC,2016
– Cases filed by financial creditors, operational creditors, or the corporate debtor itself.
– Liquidation and resolution plan approvals.
2. Company Law Matters(Companies Act,2013)
-Oppression and Mismanagement(Section 241 & 242)
-Class action suits by shareholders.
-Merger,demerger,amalgamation of companies (section 230-232)
-Reduction of share capital.
-Change in registered office form one state to another.
3. Winding Up Of Companies
-Based on just and equitable grounds, inability to pay debts etc.
4. Restoration Of Companies
-Application for revival or restoration of struck-off companies (under section 252).
5. Compounding Of Offenses
-Non-compliance with provision of the Companies Act.
6.Conversion Of Public Company To Private
-Requires NCLT approval under the Company Act.
Cases Handled By NCLAT(National Company Law Appellate Tribunal)
1. Appeals From NCLT
-Against order passed by the NCLT under the Companies Act or IBC.
2. Appeals Under Competition Act
-Appeals against order of the Competition Commission Of India (CCI)
3. Appeals From IBBI
-Order passed by the Insolvency and Bankruptcy Board Of India.
4. Appeals Under Section 61 of IBC
-Specific to insolvency-related matters.