TOPIC 50: QUICK REFERENCE TO “NCLT”

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Quick Reference to "NCLT" :-
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1. NCLT means National Company Law Tribunal.
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2. The NCLT have bene constituted from 1st June, 2016.
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3. In simple words, NCLT means "Company Court"
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4. The Company Law Board stands dissolved w.e.f.1st June, 2016.
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5. The Board for Industrial and Financial Reconstruction (BIFR) and Appeallate Autthority for Industrial and Financial Reconstruction (AAIFR) were abolished and their work along with CLB is transferred to NCLT.
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6. The Powers relating to Insolvency matter have been vested with NCLT due to Insolvency and Bankruptcy Code, 2016.
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7. The Ministry of Corporate Affairs has Constituted the NCLT.
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8. Appeals should be made to National Company Law Appellate Tribunal ( NCLAT) against the order of NCLT.
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9. The Order of NCLT is required to be filled with ROC.
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10. Important Legal Provision:- section 408, 409, 412, 413, 414 of Companies Act, 2013.
NCLT Rules, 2016.
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11. If the amount of Penalty is more than ₹ 5 lakh then that offence is Compounded by NCLT.
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Regards
ACA SOURAV BAGARIA