NATIONAL COMPANY LAW TRIBUNAL
A SINGLE WINDOW INSTITUTION FOR CORPORATE
JUSTICE
CREATED BY TEAM PGC
CREATED BY TEAM PGC
Introduction
MCA is going to set up the National Company Law
Tribunal NCLT
AND
NCLAT which will replace Company Law Board,...
CREATED BY TEAM PGC
Need For NCLT
 Considering the laws on corporate insolvency and
other such provisions with regards to company law
prevail...
Benefits of NCLT As Quasi Judicial Body
 It shall avoid multiplicity of litigation before various
Forums (High Courts, CL...
CREATED BY TEAM PGC
Composition Of Board & Members
 President of NCLT – Judge of High court for 5 years.
 Judicial Member of NCLT – 10 years...
 Chairman of NCLAT – former judge of the Supreme
Court or Chief Justice of a High Court.
 Judicial Member of NCLAT – Jud...
The establishment of NCLT/NCLAT shall offer various
opportunities to Practicing Company Secretaries as they
have been auth...
CONCLUSION
 In view of the vast opportunities emerging with the
establishment of National Company Law Tribunal,
 the Pra...
of 11

National company law tribunal — NCLT in comapnies bill 2013 Provisions

National company law tribunal — NCLT in comapnies bill 2013 Provisions
Published on: Mar 3, 2016
Published in: Business      
Source: www.slideshare.net


Transcripts - National company law tribunal — NCLT in comapnies bill 2013 Provisions

  • 1. NATIONAL COMPANY LAW TRIBUNAL A SINGLE WINDOW INSTITUTION FOR CORPORATE JUSTICE CREATED BY TEAM PGC
  • 2. CREATED BY TEAM PGC
  • 3. Introduction MCA is going to set up the National Company Law Tribunal NCLT AND NCLAT which will replace Company Law Board, BIFR and Appellate Authority for Industrial and Financial Reconstruction and Comprising Judicial and Technical members to be authorised by (CG) who will exercise and discharge powers and functions conferred Therewith including approval of merger, corporate reorganization, capital reduction, extension of financial year etc CREATED BY TEAM PGC
  • 4. CREATED BY TEAM PGC
  • 5. Need For NCLT  Considering the laws on corporate insolvency and other such provisions with regards to company law prevailing in industrially advanced countries, a High Level Committee set up by the Union of India (The Eradi Committee) recommended various amendments.  National Company Law Tribunal and its Appellate Tribunal was recommended which will have the powers of the: • CLB under the Companies Act, 1956, • BIFR and AAIFR under the Sick Industrial Companies (Special Provisions) Act, 1985, and • Jurisdiction and Powers relating to winding-up, restructuring and other such provisions, vested in the High Courts. CREATED BY TEAM PGC
  • 6. Benefits of NCLT As Quasi Judicial Body  It shall avoid multiplicity of litigation before various Forums (High Courts, CLB, BIFR, AAIFR). Thus there will be a consolidation of Corporate Jurisdiction.  There shall be at least 16 benches of the NCLT, thereby providing justice almost at one’s doorstep.  This tribunal shall comprise of technical experts who will provide more concrete and precise decisions.  There will be a mixture of judicial and equitable jurisdiction while deciding matters.  There shall be a reduction in period of winding-up from 20-25 years to 2 years.  Reduction in pendency of cases, expeditious disposal of cases CREATED BY TEAM PGC
  • 7. CREATED BY TEAM PGC
  • 8. Composition Of Board & Members  President of NCLT – Judge of High court for 5 years.  Judicial Member of NCLT – 10 years service in Indian Legal or Corporate Law Services, Or equivalent post in central or state government, at a pay scale of not less than a joint secretary to the Government of India, Or held a judicial office for 10 years, Or Advocate of the High Court for 10 years.  Technical Member of NCLT – 10 years service in Indian Legal or Corporate Law Services, Or equivalent post in central or state government, at a pay scale of not less than a joint secretary to the Government of India, Or is or has been a Joint Secretary under the Central Staffing Scheme, Or has been a Chartered Accountant for at least 20 years, Or has been a Cost Accountant for at least 20 years, Or has been a Company Secretary for at least 20 years, Or 20 years experience in law, finance, management, banking etc. relating to management, conduct of affairs, revival, rehabilitation and winding up of companies. CREATED BY TEAM PGC
  • 9.  Chairman of NCLAT – former judge of the Supreme Court or Chief Justice of a High Court.  Judicial Member of NCLAT – Judge of a High Court or Judicial Member of NCLT for 5 years.  Technical Member of NCLAT – 25 years of experience in law, finance, banking, management etc. relating to management, conduct of affairs, revival, rehabilitation and winding up of companies CREATED BY TEAM PGC
  • 10. The establishment of NCLT/NCLAT shall offer various opportunities to Practicing Company Secretaries as they have been authorized to appear be fore the Tribunal/ Appellate Tribunal. Areas opened up for company secretaries in practice under NCLT are stated hereunder: Compromise and Arrangement Sick Companies Winding up Reduction of Capital PCS as Member of NCLT CREATED BY TEAM PGC
  • 11. CONCLUSION  In view of the vast opportunities emerging with the establishment of National Company Law Tribunal,  the Practicing Company Secretaries should standardize  their competencies with the global benchmarks to provide value added services in assisting the Tribunal in  dispensation of justice  and speedier disposal of matters  like merger, amalgamation,  restructuring, revival and  rehabilitation of sick companies  and winding up of companies. CREATED BY TEAM PGC

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