The Ministry of Corporate Affairs vide notification dated on 1ST JUNE, 2016 Constituted the National Company Law Tribunal (NCLT) and its Appellate Authority (NCLAT).
The Ministry of Corporate Affairs vide notification dated on 21ST July 2016 notified the National Company Law Tribunal Rules, 2016 (NCLT Rules) and National Company Law Appellate Tribunal Rules, 2016 (NCLAT Rules).
It is the quasi-judicial body which adjudicates issues relating to Companies and Corporate entities.
The National Company Law Tribunal has replaced with Existing Company Law Board.
The Companies Second Amendment Act, 2002 provides for the setting up of the NCLT and NCLAT to replace then existing CLB and BIFR.
The setting up NCLT and NCLAT are single regimes to resolve the corporate dispute and pending any litigation under the Companies Act.
The NCLT and NCLAT play faster role Implementation of the Insolvency and Bankruptcy code. and their setting up is expected to reduce the burden on courts.
CONSTITUTION OF NCLT:
The government has Constituted 11 Benches of NCLT, out of which 2 will be the Principal Bench, which shall be Preside at New Delhi. The regional bench territory authority is in Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai.
POWERS VESTED WITH NCLT:
Powers relating provision of company law, Compromise arrangement and Amalgamation, winding up, Oppression and mismanagement, Revival & Rehabilitation of sick companies, Compounding of offence.
SCOPE FOR PRACTICING COMPANY SECRETARIES:
The NCLT Provide various opportunities for professionals to appear before the Tribunal in case of sick companies, mergers/amalgamation/de-merger/restructuring, reduction share capital, winding up proceeding, oppression and mismanagement, Conversion Company from the public to private, which are dealt with by Company court.
The role of Company Secretaries was not only present facts before the NCLT, but also provide complete considering the interest of all the stakeholder.
Now the PCS able to render services in preparing schemes, appearing before NCLT, NCLAT for approval of Schemes and Post merger formalities.
A Practicing Company Secretary can be appointed as a Technical Member of NCLT, provided he has 15 years working experience as the secretary in whole-time practice.
The ICSI has played a major role in enhancing the creditability of its member before the Appearing NCLT and also improving the skills of the members.
In the view of various opportunities for the practising company, secretaries should standardize their competencies with the global benchmarks to provide value-added services in assisting tribunal in the dispensation of justice and speedy disposal of Various matters under Companies Act.
Qualification: COMPANY SECRETARY Company: Yashree Dixit & Associates Location: Ahmedabad
Member Since: 17 Mar 2018 | Total Articles Contributed:11
About Author : Practicing Company Secretary from Ahmedabad, Expert of Corporate Law Consultancy, Pursuing Ph.D,Corporate Trainer,Visiting Faculty at IICA & ICSI Ahmedabad Chapter,Research Enthusiast & Socialpreneur.
The entire contents of this article are solely for information purpose and have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation by the Author. Compliance Calendar LLP and the Author of this Article do not constitute any sort of professional advice or a formal recommendation. The author has undertaken utmost care to disseminate the true and correct view and doesn’t accept liability for any errors or omissions. You are kindly requested to verify and confirm the updates from the genuine sources before acting on any of the information’s provided hereinabove. Compliance Calendar LLP shall not be responsible for any loss or damage in any circumstances whatsoever.