NCLT & NCLAT Law

In India, the National Company Law Tribunal, or NCLT for short, is responsible for regulating and resolving corporate disputes. The NCLT was established to improve corporate adjudication efficiency and to simplify and streamline the law of procedure. This formation of NCLT meant integrating all the judicial and quasi-judicial authorities, which came under the single roof of an integrated platform to resolve any matters regarding company law.

The National Company Law Tribunal, which is a quasi-judicial body created in India with the purpose of deciding the matters of company law under the Companies Act, 2013, has replaced the Company Law Board (CLB) and absorbed the different functions performed by the High Courts, BIFR, and AAIFR earlier. As part of the effort to improve corporate governance through timely adjudication, redress for mergers and demergers, insolvency, shareholder disputes, and mismanagement can be made possible through the NCLT.

Under the New Companies Act of 2013, the NCLT and NCLAT receive the following types of cases, appeals,petitions, and applications:

• section 2(41) Act, 2013 for change in financial year.
• section 7(7) Act, 2013 to Tribunal where company has been incorporated by furnishing false or incorrect info or by any fraudulent action.
• section 14(1) Act, 2013 for conversion of public company into a private company.
• section 55(3) Act, 2013 for issue of further redeemable preference shares.
• section 58(3) Act, 2013 against refusal of registration of shares.
• section 59 Act, 2013 for rectification of register of members.
• section 64(4) Act, 2013 against order of Govt. Fixing terms and conditions for conversions of debentures and shares.
• section 71(9) Act, 2013 by debenture-trustees.
• section 71(10) Act, 2013 for failure of redeeming of debentures.
• section 73(4) Act, 2013 by (depositor) for repayment of deposit or interest.
•  section 74(2) Act, 2013 to allow further time as considered reasonable to the company to repay deposits.
• section 97(1) Act, 2013 for calling of Annual General meeting.
• section 98(1) Act, 2013 for calling of general meeting of company other than Annual General meeting.
• section 119(4) Act, 2013 to pass an order directing immediate inspection of minute’s books or directing a copy thereof be sent forthwith to person requiring it.
• section 130(1) Act, 2013 for re-opening of books of accounts, if made by any person other than Central Government, Income Tax authorities, SEBI or any other statutory regulatory body or authority.
•  section 131(1) Act, 2013 by company for voluntary revision of financial statement on Board’s report.
• section 140(4) Act, 2013 for not sending the copy of representation of auditor to the members.
• section 140(5) Act, 2013 by any other person concerned for change of auditors.
•  section 169(4) Act, 2013 for not sending copies of representation
• section 213 Act, 2013 to Tribunal for investigation into company affairs.
• section 218(1) Act, 2013 for approval for action proposed against employee.
• section 222(1) Act, 2013 for imposition of restriction on securities.
• section 241(1) Act, 2013 in cases of oppression and mismanagement.
• section 242(4) Act, 2013 for regulating the conduct of the company.
•  section 243(1)(b) Act, 2013 for appointment of Managing Director.
• section 244(1) Act,  2013 for waiver of requirement specified in clause (a) or (b) of section 244(1).
• section 245 Act, 2013 for Class action suits.
•  section 441Act, 2013 for compounding of certain offences.
• section 421 Act, 2013 to NCLT.