National Company Law Tribunal (NCLT) & National Company Law Appellate Tribunal (NCLAT)

by Prachi Navneet Wazalwar

Preface	v
Acknowledgement	vii
List of Sitting Judges/Members of NCLAT & NCLT	li
Schedule of fees under The Insolvency and Bankruptcy Code	lv
Important Developments from 2019 Onwards: At a Glance	lvii
Forms Under The Insolvency and Bankruptcy Code	lxxix

Powers of NCLT: At a Glance	R3
Notified Sections under IBC as on 1st July, 2021	R10

1. Transfer and Transmission of Securities	R17
2. Reduction of Share Capital	R41
3. Deposits: Delays and Defaults	R50
4. Tribunal Convened General Meetings	R65
5. Reopening of Accounts	R71
6. Revision of Financial Statements	R76
7. Tribunal Directed Investigation	R79
8. Compromise and Arrangement and Amalgamation	R88
9. De-Registration, Striking off of Companies and Director Disqualification	R119
10. Winding Up & Dissolution	R133
11. Revival and Rehabiliation of Sick Companies	R144
12. Compounding of Offence	R145
13. Sections 407-434: NCLT & NCLAT	R146
14. Meeting of Board and its Power	R152
15. Jurisdiction and Limitation	R154
16. Removal of Names of Companies from Register of Companies	R156
17. Miscellaneous	R160

1. Section 7: Initiation of Corporate Insolvency Resolution Process by Financial Creditor	R182
2. Section 9: Application for Initiation of Corporate Insolvency Resolution Process by Operational Creditor	R245
3. Section 10: Initiation of Corporate Insolvency Resolution Process By Corporate Applicant	R276
4. Section 10A: Suspension of Initiation of Corporate Insolvency Resolution Process	R283
5. Section 12: Time Limit for Completion of Insolvency Resolution Process	R290
6. Section 12A: Withdrawal of Application Admitted Under Section 7, 9 or 10	R300
7. Sections 14 & 96: Moratorium & other Related Sections	R309
8. Interim Resolution Professional and Resolution Professional	R343
9. Committee of Creditors	R354
10. Section 29A: Person not Eligible to be Resolution Applicant	R366
11. Sections 30 & 31: Approval and Submission of Resolution Plan	R375
12. Section 32A: Liability for Prior Offences	R446
13. Liquidation: Sections 33-54 & IBBI (Liquidation Process) Regulations, 2016	R453
14. Section 53: Distribution of Assets	R499
15. Section 54	R505
16. Section 65: Fraudulent or Malicious Initiation of Proceedings	R506
17. Section 95: Application by Creditor to Initiate Insolvency Resolution Process	R511
18. Guarantors	R526
19. Limitation and Jurisdiction	R528
20. Claims/Income Tax Related Aspects	R548
21. Cases Related to Arbitration and IBC	R565
22. Miscellaneous	R573
Abbreviations	R601

Chapter 1—Introduction	�
Chapter 2—Constitution of NCLT and	�
Chapter 3—Transition to NCLT: Impact on existing cases	�
Chapter 4—General Powers of NCLT and NCLAT	�
Chapter 5—De-registration, Striking off of Companies and Director Disqualification	�
Chapter 6—Variation of Shareholders’ Rights	�
Chapter 7—Transfer and Transmission of Securities	�
Chapter 8—Reduction of Capital	�
Chapter 9—Deposits: Delays and Defaults	�
Chapter 10—Tribunal Convened General Meetings	�
Chapter 11—Reopening of Accounts and Revision of Financial Statements	�
Chapter 12—Tribunal Directed Investigations	�
Chapter 13—Compromises and Arrangements	�
Chapter 14—Oppression and Mismanagement	�
Chapter 15—Class Actions	�
Chapter 16—Revival and Rehabilitation of Sick Companies	488
Chapter 17—Winding-up	�
Chapter 18—Compounding of offence	�
Chapter 19—Miscellaneous Powers of Tribunal	�
Chapter 20—Powers of Tribunal under other Acts	�
Chapter 21—Appeals, Reviews and Writs	�
Chapter 22—General Practice and Procedure	�
Chapter 23—Jurisdiction and Limitation	�