Overview of NCLT & NCLATS
The National Company Law Tribunal (NCLT) is a quasi-court for company-related cases.NCLT is the main tribunal in India that makes legal decisions regarding the bankruptcy of a company and individual (Not in force till the time). It looks into cases where Limited Liability Partnerships (LLPs), companies, corporations and individuals may be considered insolvent.The National Company Law Appellate Tribunal (NCLAT) was set up to hear appeals from NCLT cases, which now also has jurisdiction over appeals from the Competition Commission of India (CCI).
The Centre in June 2016 set up NCLTs in several regions across the country to provide a simpler, smoother mechanism for companies and LLP dispute resolution. There all 16 NCLT benches, with the principal one in New Delhi and a regional bench each in Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Jaipur, Hyderabad, Kolkata. Mumbai, Cuttack, Kochi, Amaravati and Indore.
NCLT has powers to consider disputes relating to solvency of co, amalgamation, demergers, restructuring, etc. NCLT can grant moratorium from payments of debts and appoint interim resolution professionals (IRP) (officers, usually CAs, Cs who take over running of a company in liquidation.
Any appeal against an NCLT order has to be filed with the National Company Law Appellate Tribunal (NCLAT), which is headquartered in New Delhi. It is headed by a retired Supreme Court judge.
Who can file cases ay NCLT & NCLATs?
The National Company Law Tribunal allows a few classes of professionals to appear. These include Advocates and Lawyers, Company Secretaries and Chartered Accountants out of 3 advocates and lawyers are most preferred.
Relevant laws governing NCLT & NCLATs
We practice before NCLT. Our team of lawyers are much experienced and well equipped with the practical need based requirement of clients. Our team of lawyers has a rich experience and expertise in matters pertaining to Companies Act and IBC before NCLT and other aspects of Business and Corporate Laws in India.
We provide various services under Bankruptcy and Insolvency Laws:
- Consultancy in matters related to Insolvency and Bankruptcy of companies.
- Advising secured and unsecured creditors on various aspects relating to claims against Companies under Bankruptcy.
- Filing various forms on behalf different creditors in NCLT.
- Services related to Interim resolution Professional and resolution professional.
- Working on behalf of various creditors and applying various application on behalf of creditors before NCLT and NCLAT.
- Handling cases on behalf of liquidators, receivers and creditors.