एनसीएलटी (NCLT) क्या है

Information About NCLT

We often hear through newspapers and media that this company has gone bankrupt. Till now the number of companies going bankrupt in our country is very high. In case of company bankruptcy, the worst situation is for the employees along with the lending bank, who do not even get their wages, but in the recent law introduced by the government, the employees also have the right to seize the assets of the bankrupt company. Got the rights. In case of bankruptcy of any company, the case goes to the National Company Law Tribunal (NCLT). Let us know, what is NCLT, and we are telling you about its rules in detail on this page.

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 NCLT Full Form (Full Form Of NCLT)

NCLT is named National Company Law Tribunal in Hindi, and it is called National Company Law Tribunal in English. NCLT has been created under the Companies Act 2013. Which has replaced the Company Act 1956. Initially, NCLT had eleven branches, two branches were established in Delhi, one each in Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai, which has now been increased.

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What is NCLT (NCLT Kya Hai)

The National Company Law Tribunal (NCLT) has been set up by the Supreme Court to handle under the laws regarding companies. NCLT acts as a quasi-judicial authority that handles structures, laws and adjudicates disputes related to corporate matters. NCLT is constituted on Article 245 in the Constitution of India.

The National Company Law Appellate Tribunal (NCLAT) was constituted under Section 410 of the Companies Act 2013. It is a tribunal created from June 1, 2016 to hear appeals against the orders of the National Company Law Tribunal (NCLT). First of all, when a company goes bankrupt, the case goes to the National Company Law Tribunal (NCLT). Here, an insolvency professional is appointed, who is given the responsibility to try to revive the company within 180 days. If the company is revived within 180 days, it resumes normal functioning. If this does not happen then he is considered bankrupt and further action is taken.

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The NCLT was established in June 2016 and gained legal strength in 2017 when India’s new bankruptcy law came into effect. On February 12, the banking regulator ordered banks to bring defaulters directly to NCLT if they do not appear with their repayment plans within 6 months. This will speed up such cases in the court. As of January 31, there are about 9073 such cases in the court, of which 2511 are related to bankruptcy, 1630 are related to merger and 4932 are related to other sections of the Company Act.  

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Functions and Jurisdiction of NCLT

The jurisdiction over the work of NCLT is as follows –

1.Class action

Any company registered under the Indian Companies Act that steals money from investors can be fined and punished by the NCLT. Companies that make money by defrauding investors and shareholders are expected to compensate victims for their losses. Class action suits work against both private and public companies but cannot be filed against banking institutions.

2.Share Transfer Dispute

If any company refuses to transfer the shares or does not register the transfer, the aggrieved person or persons who suffer loss due to this misconduct can seek redress from the NCLT from time to time within two months. Contracts and arrangements for security transfer come under the jurisdiction of NCLT as per sections 58 and 59.

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3.In Harassment Matter

Under Section 397, a person was given the freedom to file a complaint only about cases of abuse and mismanagement, but the Tribunal gives people the opportunity to get justice for all types of abuse, whether in the past or present. . If the functioning of a company is discriminatory and is intended to benefit some parties while being oppressive to others, it has the right to approach the tribunal and demand to look into the affairs of the company to ensure that all parties involved gets justice.

4.Investigation

The tribunal can ask for investigation into the functioning of any company. If an application is filed by 100 members against that particular company. Any person or group outside the NCLT, if authorized by it, can act as investigators in certain situations. The tribunal can freeze company assets and ban products if necessary.

The establishment of this body has helped in fast track justice in respect of corporate civil disputes and has also contributed to enhancing the efficiency of the judicial system. This has given exclusive jurisdiction to the NCLT, while also reducing the time required to hear cases and deliver fruitful decisions.

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The Tribunal is to investigate the facts, discuss and conclude legal matters relating to the corporation. The Tribunal has become an independent authority over the judicial powers of the High Court, the Board for Industrial and Financial Reconstruction (BIFR) and the Appellate Authority for Industrial and Financial Reconstruction (AAIFR). Thus, the tribunal handles all the cases of all the companies which are listed in India.

Here we told about NCLT i.e. National Company Law Tribunal (NCLT), if you have any kind of question in your mind related to this information, or want to get any other information related to it, then through the comment box. You can ask, we are waiting for your feedback and suggestions.

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