NCLT Full Form

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NCLT Full Form Is National Company Law Tribunal. NCLT is a quasi-judicial authority involved to deal with corporate disputes of civil nature arising under the Companies Act. Relating to claims of oppression and mismanagement of the company, winding up of companies, and all other powers prescribed under the Companies Act.
The National Company Law Tribunal is a court in India that adjudicates on issues relating to Indian companies. The tribunal was set up under the Companies Act 2013 and constituted by the Government of India in June 2016 and is based on the recommendation of the Balkrishna Eradi team on legislation relating to liquidation and winding up of companies.

नेशनल कंपनी लॉ ट्रिब्यूनल। एनसीएलटी एक अर्ध-न्यायिक प्राधिकरण है जो कंपनी अधिनियम के तहत उत्पन्न होने वाले नागरिक प्रकृति के कॉर्पोरेट विवादों से निपटने के लिए शामिल है। कंपनी के उत्पीड़न और कुप्रबंधन, कंपनियों के समापन, और कंपनी अधिनियम के तहत निर्धारित अन्य सभी शक्तियों के दावों से संबंधित।
नेशनल कंपनी लॉ ट्रिब्यूनल भारत में एक अदालत है जो भारतीय कंपनियों से संबंधित मुद्दों पर फैसला सुनाती है। ट्रिब्यूनल कंपनी अधिनियम 2013 के तहत स्थापित किया गया था और जून 2016 में भारत सरकार द्वारा गठित किया गया था और यह कंपनियों के परिसमापन और समापन से संबंधित कानून पर बालकृष्ण एराडी टीम की सिफारिश पर आधारित है।

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Contents

NCLT Full Form: About NCLT

The Tribunal has sixteen seats, six in New Delhi (one is the main seat) and two in Ahmedabad; one in Allahabad, one in Bengaluru, one in Chandigarh, and two in Chennai, one in Cuttack, one in Guwahati, three in Hyderabad. One in Amravati, one in Jaipur, one in Kochi, 2 in Kolkata, and 5 in Mumbai. Of the two new seats to be set up, one each in Indore and Amravati, the Indore seat is yet to be advised. But the Bench of Amravati has advised all the seats as division seats. Equity MM Chief Justice Kumar, who resigned from the Jammu and Kashmir High Court, has been appointed as the leader of the tribunal.

ट्रिब्यूनल में सोलह सीटें हैं, नई दिल्ली में छह (एक मुख्य सीट है) और अहमदाबाद में दो, इलाहाबाद में एक, बेंगलुरु में एक, चंडीगढ़ में एक, चेन्नई में दो, कटक में एक, गुवाहाटी में एक, हैदराबाद में तीन। एक अमरावती में, एक जयपुर में, एक कोच्चि में, 2 कोलकाता में और 5 मुंबई में। स्थापित होने वाली दो नई सीटों में से, इंदौर और अमरावती में एक-एक, इंदौर सीट की सलाह दी जानी बाकी है। लेकिन अमरावती की पीठ ने सभी सीटों को संभाग सीटों के रूप में सलाह दी है। इक्विटी एमएम के मुख्य न्यायाधीश कुमार, जिन्होंने जम्मू और कश्मीर उच्च न्यायालय से इस्तीफा दे दिया, को न्यायाधिकरण के नेता के रूप में नियुक्त किया गया है।

History National Company Law Tribunal:

  • The National Company Law Tribunal has the force under the Companies Act to settle the procedures:
  • The past performance (under the Companies Act 1956) began under the watchful eye of the Company Law Board;
  • Consists of that pend under the Sick Industrial Companies (Special Provisions) Act, 1985, pending earlier to the Board of Industrial or Economic Reconstruction.
  • Awaiting before the Appellate Authority for Industrial and Financial Reconstruction.
  • Relating to cases of harassment and malfeasance of an organization, termination of organizations, and every other force recommended under the Companies Act.
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NCLT Full Form: NCLT Functions

  • All proceedings under the Companies Act such as arbitration, settlement; settlement, reconstruction, and winding up of the company shall be conducted by the Tribunal.
  • The NCLT is also the adjudicating authority for insolvency proceedings under the Insolvency and Bankruptcy Code, 2016.
  • No civil court shall have jurisdiction in the above matters.
  • The NCLT has powers to dispose of pending cases under the Board of Industrial and Financial Reconstruction (BIFR) as well as the Sick Industrial Companies (Special Provisions) Act; 1985.
  • Also keeping those matters pending before the Appellate Authority for Industrial and Financial Reconstruction.
  • It can also take matters relating to harassment and mismanagement of a company.

Benefits of National Company Law Tribunal

  • NCLT is a special court only for corporates, i.e. companies registered in India.
  • It will be nothing more than a tribunal for corporate members.
  • NCLT will reduce the multiplicity of litigation before various forums and courts.
  • NCLT has many branches and it is able to provide justice from close range.
  • The NCLT has both judicial and technical members who decide matters.
  • The time taken to close a company is reduced.
  • Speedy disposal of cases will help in reducing the number of cases.
  • NCLT and NCLAT have exclusive jurisdiction.

NCLT Full Form: Powers of the National Company Law Tribunal (NCLT)

The Tribunal and the Appellate Tribunal shall be; bound by the rules laid down in the Code of Civil Procedure and guided by the principles of natural justice; subject to the other provisions of this Act and any rules made by the Central Government. The Tribunal and the Appellate Tribunal have the power to control their own procedure.

ट्रिब्यूनल और अपीलीय ट्रिब्यूनल सिविल प्रक्रिया संहिता में निर्धारित नियमों से बंधे होंगे और प्राकृतिक न्याय के सिद्धांतों द्वारा निर्देशित होंगे; इस अधिनियम के अन्य प्रावधानों और केंद्र सरकार द्वारा बनाए गए किसी भी नियम के अधीन। ट्रिब्यूनल और अपीलीय ट्रिब्यूनल को अपनी प्रक्रिया को नियंत्रित करने की शक्ति है।

Further, no civil court is empowered to try any suit or proceeding in respect of any matter which the Tribunal or the Appellate Tribunal is empowered to adjudicate.

The National Company Law Tribunal has wide powers. Its powers include:

  • Power to seek the assistance of the Chief Metropolitan Magistrate.
  • De-registration of companies.
  • Declare the liability of the members unlimited.
  • In certain circumstances when companies are registered, the de-registration of companies is obtained illegally or erroneously.
  • Repression and mismanagement measures.
  • Power to hear complaints of refusal of a transfer of securities by companies and rectification of register of members.
  • Protection of interests of various stakeholders, especially non-promoter shareholders and depositors.
  • Power to provide relief to investors against a large set of wrongdoings committed by the company management or other advisors and advisors connected with the company.
  • The aggrieved depositors have a class action remedy to seek redressal of the company’s acts/omissions which injure their rights as depositors.
  • Power to direct the company to reopen its accounts or to allow the company to revise its financial statements but not to re-open the accounts. The company itself can also approach the Tribunal through its director for amendments to its financial statements.
  • Power to make an inquiry or initiate inquiry proceedings. Testing can also be done abroad. Provisions have been made to assist the investigative agencies and the courts of other countries in connection with the investigation proceedings.
  • Power to inquire into the ownership of the company.
  • Power to freeze the assets of the company.
  • And Power to impose restrictions on any securities of the company.
  • Conversion of Public Limited Company into Private Limited Company.
  • The Tribunal has the powers to convene a general meeting if the company cannot or cannot hold the annual general meeting as required under the Companies Act or the required extraordinary general meeting.
  • Power to vary the financial year of a company registered in India.
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