National Company Law Tribunal: GK, Current Affairs, Questions, Trivia and News

Justice Bansi Lal Bhat appointed as officiating chairperson of NCLAT

The government has appointed Justice Bansi Lal Bhat as the officiating chairperson of the National Company Law Appellate Tribunal (NCLAT). He will replace the previous Chairperson Justice Sudhansu Jyoti Mukhopadhaya, who recently retired. Justice Bansi Lal Bhat is a former judge of the Jammu and Kashmir High Court and he is appointed for a period of three months ..

Injeti Srinivas Committee to look into offences under the Companies Act

The government has constituted a committee under Injeti Srinivas, secretary of the Corporate Affairs Ministry to look at recategorization of certain offences under the Companies Act as civil offences as well as review other provisions of the Companies Act and the Limited Liability Partnerships Act 2008. Mandate of the Committee The committee will look into ..

Companies (Amendment) Bill, 2019

Parliament has passed the Companies (Amendment) Bill, 2019. What are the amendments proposed? The Companies Act, 2013 provided that certain classes of public companies are required to issue shares in a dematerialised form (Demat) only.  The Bill expands the ambit of this provision for other classes of unlisted companies as well. The bill categorises 16 ..

Companies (Amendment) Bill, 2019

After much deliberations, the Lok Sabha passed The Companies (Amendment) Bill, 2019. This Bill seeks to amend the Companies Act, 2013 and replaces an earlier replace the ordinance promulgated earlier in this regard. What is the bill? The Companies (Amendment) Bill, 2019 seeks to tighten the corporate social responsibility (CSR) compliance of companies and reduce ..

Government of India approves establishment of two new benches of NCLT

The National Company Law Tribunal (NCLT) has been set up under the Companies Act of 2013. It has provided an effective and time bound adjudication mechanism to deal with matters related to the Companies Act of 2013, the Insolvency and Bankruptcy Code (IBC) of 2016 and the LLP Act of 2008. It is in news ..

11-member working group to go into concept of ‘Group Insolvency’ and suggest a suitable framework

The insolvency regulator Insolvency and Bankruptcy Board of India (IBBI) has set up a 11-member working group under the Chairmanship of former SEBI chief UK Sinha to go into the concept of ‘Group Insolvency’ and suggest a suitable framework. This Working Group has been tasked to submit a report — within two months and will ..

Unintended Consequences of IBC

Insolvency and Bankruptcy Code (IBC) act was considered as a path breaking legislation which provided for a time bound resolution of insolvency and bankruptcy cases. The act was brought in to address the challenge of chakravyuha i.e. exit issues in the Indian economy . The issue was highlighted in the Economic Survey, 2016. Features of ..

Injeti Srinivas heads committee on review of penal provisions of Company Act 2013

The committee, chaired by Corporate Affairs Secretary Injeti Srinivas, has recently submitted final report on review of penal provisions of Company Act 2013 to the Union Minister for Finance & Corporate Affairs, Arun Jaitley. The Committee recommended that the existing rigour of the law should continue for serious offences, covering six categories, whereas for lapses ..