National Company Law Tribunal
Abbreviations
1. AAIFR - Appellate Authority for Industrial and Financial Reconstruction
2. BIFR- Board for Industrial and Financial Reconstruction
3. CLB – Company Law Board
4. NCLT – National Company Law Tribunal
5. NCALT – National Company Law Appellate Tribunal 6. SICA - Sick Industrial Companies (Special Provisions) Act, 1985
Table of Cases
1. RDF Power Projects Ltd v. M. Muralikrishna, (2005) 124 Comp Cas 184 (AP)
2. Union of India v. R. Gandhi, President, Madras bar Association (2010) 2 Comp LJ 577 (SC)
Introduction
Due to the delay in decisions regarding procedures of merger/amalgamations, reduction of capital and winding up of companies, the High Court has been dispensed with the cases relating to these matters. The government constituted a Committee under the chairmanship of Justice V. Balakrishna Eradi, which made certain recommendations with the objective of expenditing the revival/rehabilitation of sick companies. Consistent with the above underlined objective the Companies (Second Amendment) Act, 2002 provides for setting up of the National Company Law Tribunal which shall deal with all matters relating to Companies which were earlier handed by various High courts, CLB, BIFR and AAIFR. This is aimed at and it is certainly hoped so that it will reduce delays and tedious procedures for carrying out many acts under the Companies Act, 1956.
Any person aggrieved by an order or decision of the NCLT may prefer an appeal to the National Company Law Appellate Tribunal, within a period of 45 days from the date on which a copy of the said order or decision is received by the appellant.
Any person aggrieved by any decision or order of the Appellate Tribunal may file an appeal to the Supreme Court of India within 60 days from the date of communication of the decision or order of the Appellate Tribunal to him on any question of law arising out of such decision or order.
However it is to be noted that the
1. AAIFR - Appellate Authority for Industrial and Financial Reconstruction
2. BIFR- Board for Industrial and Financial Reconstruction
3. CLB – Company Law Board
4. NCLT – National Company Law Tribunal
5. NCALT – National Company Law Appellate Tribunal 6. SICA - Sick Industrial Companies (Special Provisions) Act, 1985
Table of Cases
1. RDF Power Projects Ltd v. M. Muralikrishna, (2005) 124 Comp Cas 184 (AP)
2. Union of India v. R. Gandhi, President, Madras bar Association (2010) 2 Comp LJ 577 (SC)
Introduction
Due to the delay in decisions regarding procedures of merger/amalgamations, reduction of capital and winding up of companies, the High Court has been dispensed with the cases relating to these matters. The government constituted a Committee under the chairmanship of Justice V. Balakrishna Eradi, which made certain recommendations with the objective of expenditing the revival/rehabilitation of sick companies. Consistent with the above underlined objective the Companies (Second Amendment) Act, 2002 provides for setting up of the National Company Law Tribunal which shall deal with all matters relating to Companies which were earlier handed by various High courts, CLB, BIFR and AAIFR. This is aimed at and it is certainly hoped so that it will reduce delays and tedious procedures for carrying out many acts under the Companies Act, 1956.
Any person aggrieved by an order or decision of the NCLT may prefer an appeal to the National Company Law Appellate Tribunal, within a period of 45 days from the date on which a copy of the said order or decision is received by the appellant.
Any person aggrieved by any decision or order of the Appellate Tribunal may file an appeal to the Supreme Court of India within 60 days from the date of communication of the decision or order of the Appellate Tribunal to him on any question of law arising out of such decision or order.
However it is to be noted that the
Bibliography: 2. Companies (Amendment) Act, 1988 3 1. Ramaiya A (2006); Guide to the Companies Act; Lexis Nexis, Butterworths, Wadhwa, Nagpur; 16th Edition BOX 1 2nd Reprint. 2. SC Clears National Company Law Tribunal – FE Bureaus, May 12, 2010; http://www.financialexpress.com/news/sc-clears-national-company-law-tribunal/617523/3 3 4. Commentaries on Bare Act – Company Act, 1956; http://www.manupatra.co.in 5 [1] (2010) 2 Comp LJ 577 (SC0 [2] Annexure 1 [3] Annexure 2 [4] (2005) 124 Comp Cas 184 (AP)