#national company law appellate tribunal

[npaconsultant-stuff-blog]

NPA Consultants has a team of distinguished experts from the fields of banking, legal and finance Our legal team can properly handle issues related to DRT Legal Solutions and National Company Law Appellate Tribunal Visit us now

[parimalbambere]

A Blend of Expertise, Innovation, and Global Perspective

As I reflect on my professional journey, I recognize how deeply my path has been shaped by continuous learning, adaptability, and the power of innovative thinking within the legal field. From my early days as a law student, to my current roles as Advising Counsel to the Supreme Court of India, Bombay High Court, and the National Green Tribunal, every experience has fortified my commitment to justice.

My academic foundation is comprehensive, having completed diplomas in Labour Law and Labour Welfare, Taxation Law, and Cyber Law, in addition to a Short Term Course on Business and Human Rights from IIT Kharagpur. This diverse academic background has equipped me with a broad understanding of multiple legal domains, from Constitutional and Administrative Law to Environmental Law and International Trade Law. The exposure to these varied fields has strengthened my ability to approach legal challenges with a holistic perspective.

Practically, my work as an Advising Counsel has allowed me to engage with complex legal matters across Corporate, Environmental, and Trade Law, addressing cases that have helped me refine my advocacy and strategic thinking. Working with the National Company Law Tribunal and the National Company Law Appellate Tribunal has deepened my understanding of corporate dispute resolution, while my involvement with the District & Session Court in Sangamner has kept me grounded in the intricacies of local justice systems.

Beyond practice, research has played a crucial role in my career. I have published research papers on Intellectual Property Rights and the PESA Act and am currently working on comparative studies. My current LL.M. in International Trade Law at Gujarat Maritime University is further expanding my expertise in global commerce and its regulatory frameworks.

I am also excited about the future of law, particularly how technology can bridge gaps in accessibility. My project Parionstr Society, along with its subsidiaries, is part of my vision to simplify and democratize legal knowledge for individuals and businesses alike. Through these platforms, I aim to provide insightful, affordable, and ethically sound legal services, all while adhering to the guidelines of the Bar Council of India.

As I continue on this journey, I am eager to connect with fellow professionals in law, research, and business, to explore collaborative opportunities. Whether it's advancing legal innovation, contributing to global legal discourse, or finding ways to make justice more accessible, I look forward to sharing insights and learning from others in the field. Let's work together to shape the future of law, leveraging technology and legal expertise to create a just and equitable world.

#LegalInnovation #InternationalTradeLaw #DisputeResolution #LegalResearch #LegalTechnology

[isfeed]

India’s top court clears way for Byju’s insolvency proceedings

India’s top court has put on hold a tribunal ruling that halted Byju’s insolvency proceedings in a win for U.S. creditors that are seeking $1 billion from the edtech startup. The Indian Supreme Court ordered on Wednesday a stay on the National Company Law Appellate Tribunal’s recent approval of a settlement between the Indian cricket […] © 2024 TechCrunch. All rights reserved. For personal use…

[wenikhilkumar]

suprme court clarifies the limited scope of NCLT once the default is established

Supreme Court Clarifies the Limited Scope of Discretion Under Section 7 of the I&B Code. In a significant ruling in May 2023, the Supreme Court of India reiterated that the discretion of the National Company Law Tribunal (NCLT) under Section 7 of the I&B Code is exceedingly narrow once the occurrence of default is established. This decision came in the case of **M. Suresh Kumar Reddy vs. Canara Bank & Ors**.

Background of the Case The facts of this case are rooted in the financial arrangements between Syndicate Bank (now merged into Canara Bank) and M/s. Kranthi Edifice Pvt. Ltd. (Corporate Debtor). Syndicate Bank had provided a secured overdraft facility and several bank guarantees to the Corporate Debtor, some of which were in favor of the State of Telangana. When the State requested the extension of these guarantees, the Corporate Debtor, fearing the invocation of these guarantees, also sought their extension. However, Syndicate Bank declined the extension request and demanded repayment of the outstanding amount. Although the Telangana High Court temporarily restrained the bank from invoking the guarantees, Syndicate Bank proceeded to file a petition under Section 7 of the I&B Code, which was admitted by the NCLT. This decision was subsequently upheld by the NCLAT, prompting an appeal to the Supreme Court by M. Suresh Kumar Reddy, a suspended director of the Corporate Debtor.

Key Legal Issues The appellant relied heavily on the Supreme Court's decision in **Vidarbha Industries Power Limited v. Axis Bank Ltd.**, arguing that the NCLT possessed the discretion to reject or delay a Section 7 petition if justified by the circumstances. The crux of the appellant’s argument was that the NCLT should exercise this discretion given the specific context of the case.

[taaza-khabar]

NCLAT Chennai accepts Byju's settlement with BCCI, halts insolvency process

Byju’s The NCLAT has accepted a settlement between BCCI and Byju’s which involves the repayment of ₹158 crores to the BCCI by Riju Raveendran, who is the brother of Byju’s founder, Byju Raveendran. The National Company Law Appellate Tribunal (NCLAT), Chennai on Friday, August 2 allowed the appeal filed by Byju Raveendran, founder of Byju’s, against an order initiating insolvency resolution…

[vishvaslawoffice]

Empowering Your Business Journey with Vishvas Law Offices

Welcome to Vishvas Law Offices, your trusted partner in navigating the intricate legal landscape of corporate affairs. In the bustling city of Delhi, where businesses thrive and competition is fierce, having a reliable legal ally can make all the difference. Let's explore how our specialized services can empower your business growth and ensure legal compliance every step of the way.

Navigating the NCLT with Confidence

When it comes to matters of insolvency and corporate restructuring, having a proficient NCLT Lawyer near me is crucial. At Vishvas Law Offices, we specialize in representing clients before the National Company Law Tribunal (NCLT) with expertise and diligence. Our team is dedicated to providing strategic counsel and robust representation, ensuring that your interests are protected and your objectives achieved.

Expert Advocacy at NCLAT

In the intricate realm of corporate law, having access to an experienced NCLAT Lawyer in Delhi can be a game-changer. At Vishvas Law Offices, our skilled advocates possess a deep understanding of the National Company Law Appellate Tribunal (NCLAT) and are committed to providing effective advocacy. Whether you're appealing a decision or seeking legal recourse, our team is here to navigate the complexities and secure favorable outcomes for your business.

Guidance Tailored for Startups

For startups embarking on their entrepreneurial journey, having a reliable Startup advisor is essential. At Vishvas Law Offices, we offer comprehensive legal support tailored to the unique needs of startups. From entity formation to drafting agreements and protecting intellectual property, our dedicated team is here to provide guidance and support every step of the way.

Streamlined Business Incorporation

Establishing a new business entity requires careful planning and execution. With the assistance of a skilled Business incorporation lawyer Delhi, you can navigate the incorporation process with confidence. At Vishvas Law Offices, we offer personalized guidance to ensure that your business is set up for success and complies with all regulatory requirements.

Trusted Partner in Corporate Law

In today's competitive business environment, having access to reliable legal counsel is essential. As a leading Company law firm Delhi, Vishvas Law Offices offers a wide range of legal services tailored to meet the diverse needs of corporations. Whether you're seeking assistance with corporate governance, regulatory compliance, or contractual matters, our team is here to provide expert guidance and support.

Proactive Legal Advisory Services

Timely legal advice can be the key to mitigating risks and seizing opportunities in the business world. At Vishvas Law Offices, we offer proactive Legal advisory services Delhi aimed at empowering businesses to make informed decisions. Our experienced advisors provide strategic insights and practical solutions to help you navigate legal complexities with confidence.

Navigating Mergers & Acquisitions with Ease

Mergers and acquisitions (M&A) are complex transactions that require careful planning and execution. With the assistance of a skilled Mergers & Acquisition lawyer, you can navigate these processes with confidence. At Vishvas Law Offices, our M&A specialists offer comprehensive support, from due diligence to negotiation and closing, ensuring a seamless and successful outcome for your business.

Ensuring Corporate Governance Compliance

Effective corporate governance is essential for maintaining transparency, accountability, and investor confidence. As a trusted Company Secretary near me, Vishvas Law Offices provides expert guidance on governance best practices and regulatory compliance. Our comprehensive services help businesses uphold integrity and navigate legal and regulatory challenges effectively.

Comprehensive Representation at NCLAT

Whether you're facing a legal dispute or seeking proactive legal counsel, Vishvas Law Offices is your trusted partner for comprehensive representation. Our skilled NCLAT Advocate services are tailored to meet your specific needs, ensuring that your rights are protected and your interests advanced. With our unwavering commitment to excellence, we strive to achieve the best possible outcomes for our clients.

Conclusion: Partnering for Success

In conclusion, Vishvas Law Offices is committed to empowering businesses to navigate the complexities of corporate law and achieve their growth objectives. With our expertise, dedication, and personalized approach, we serve as your trusted legal partner every step of the way. Contact us today to embark on a journey of legal excellence and business success!

[bhattandjoshiassociates-blog]

Dream11's Parent Company Insolvency Plea: NCLAT Reserves Judgment

Introduction The National Company Law Appellate Tribunal (NCLAT) has kept its judgment pending regarding a plea filed by Bhavit Sheth, the co-founder and COO of Dream11, challenging a bankruptcy court order that initiated insolvency resolution against its parent company, Sporta Technologies. During the proceedings, the tribunal allotted three days for the involved parties to submit their written arguments regarding Dream11's Parent Company Insolvency Plea. Background of the Case The dispute arose when Reward Solutions, an operational creditor, approached the National Company Law Tribunal (NCLT) seeking the initiation of a corporate insolvency resolution process (CIRP) against Dream11, a fantasy sports company. The basis of Reward Solutions' application was a default that occurred within the timeframe covered by Section 10 A of the Insolvency and Bankruptcy Code (IBC), 2016. Arguments Presented in Dream11's Parent Company Insolvency Case Bhavit Sheth's counsel contended that the application for CIRP initiation by Reward Solutions was grounded on a default that fell within the parameters outlined in Section 10A of the IBC. This section, introduced by the government, bars applications for CIRP initiation for defaults arising after March 25, 2020, for a period extending up to six months or, in some cases, up to one year from the specified date. However, the counsel representing the NCLT-appointed resolution professional (RP) of Sporta Technologies countered this argument, asserting that Section 10A exclusively pertains to default and does not affect the ability to claim a debt that has matured. In this instance, while the debt in question falls within the timeframe specified by Section 10A, the default occurred subsequent to the period covered under the said section. Specifically, Dream11 received a demand notice on April 20, 2021, and the default, as per the IBC, occurred ten days after the service of the demand notice. Interpretation of Section 10A The crux of the dispute revolves around the interpretation of Section 10A of the IBC. While Bhavit Sheth's counsel emphasizes that the default triggering the application for CIRP initiation occurred within the protected period delineated by Section 10A, the RP's counsel maintains that Section 10A only shields defaults that arise within the specified timeframe and does not affect the validity of claims arising from debts that matured during that period. Implications of the Judgment The outcome of this case holds significant implications for the interpretation and application of Section 10A of the IBC. A ruling in favor of Bhavit Sheth could set a precedent for treating defaults occurring within the protected period as ineligible grounds for CIRP initiation, regardless of the maturity of the underlying debt. Conversely, a decision favoring the RP's argument would reinforce the distinction between default and debt maturity, affirming the validity of claims arising from debts that matured during the protected period, provided the default occurred subsequently. Conclusion: Ramifications of Dream11's Parent Company Insolvency The reservation of judgment by the NCLAT underscores the complexity of the legal issues at hand and the need for a thorough examination of the relevant provisions of the IBC. The outcome of this case is awaited with keen interest by stakeholders across the corporate and legal spheres, as it is likely to shape the future interpretation and application of Section 10A of the IBC, thereby impacting the dynamics of insolvency resolution proceedings in India. Read the full article

[theleadersglobe]

Sharma & Sharma Advocates & Legal Consultants LLP: Advancing Justice for a Transformative Legal Impact

Navigating the complexities of laws and corporate intricacies in the multifaceted legal domain necessitates a comprehensive approach, making the role of a full-service law firm crucial. Such firms play a pivotal role in offering holistic solutions to the diverse challenges businesses face. The primary objective is to provide clients with clear, concise, and practical advice, ensuring timely deliverables aligned with long-term business goals.

The significance of a full-service law firm lies in its ability to offer innovative and practical solutions that go beyond traditional practices and geographical borders. The professionals within such firms are adept at understanding the nuances across various business and legal practices, delivering advice that is commercially pragmatic.

One law firm that consistently demonstrates excellence in navigating this intricate legal landscape is Sharma & Sharma Advocates & Legal Consultants, established in 2006 by Advocate Sidhartha Sharma, the firm has burgeoned into a distinguished legal entity with offices in Kolkata, New Delhi, Chandigarh, Bhuwaneshwar and Mumbai, addressing a diverse array of legal matters across the nation.

A Legal Odyssey

“Embracing technology, we integrate innovation seamlessly, ensuring Sharma & Sharma Advocates & Legal Consultants LLP, delivers legal solutions with efficiency and precision” – Sidhartha Sharma

Named as the Winners of the 1st Edition of ET Legal Awards 2023, Sharma & Sharma Legal embarked on its journey in a small chamber near the Calcutta High Court in 2006, primarily focusing on labour and industrial laws. Recalling the initial stages, Advocate Sidhartha Sharma, the Founder and Managing Partner, reminisces about the expansion of the firm’s practice. He notes that as his existing clientele began expressing confidence in his abilities and acumen, the firm’s scope broadened to encompass corporate and commercial disputes, property law, company law, restructuring, bankruptcy matters, and various corporate advisories.

The firm’s journey of excellence has witnessed substantial expansion, with the establishment of offices in Chandigarh and Bhubaneswar in 2017 and a New Delhi office in 2018. Sharma & Sharma’s practice areas have evolved from dispute resolution and arbitration to encompass corporate advisory, mergers and acquisitions, and regulatory work. Over the years, the firm has emerged as a trusted legal partner, receiving several note-worthy recognitions.

Sharma & Sharma, Advocates & Legal Consultants LLP has earned some prestigious awards for their exceptional contributions in the legal field are as follows:

1. Mr. Siddhartha Sharma, Founder & Managing Partner of Sharma & Sharma, Advocates & Legal Consultants LLP has been awarded as the Managing Partner of the Year by the Economic Times, Legal Awards 2023;

2. Sharma & Sharma, Advocates & Legal Consultants LLP has been awarded as the “Most Recommended Law Consulting Firm to Watch – 2023” in the Indo Global Entrepreneurship Conclave 2023 by Business Connect;

3. Sharma & Sharma, Advocates & Legal Consultants LLP has been awarded as the “Most Recognized Law Firm of the Year 2023” by Insight Success;

4. Sharma & Sharma, Advocates & Legal Consultants LLP has been awarded as the “Most Recognized Law Firm of the Year 2023” by Knowledge Review;

Sidhartha Sharma: The Man Shaping Legal Excellence with a Legacy of 22 Years

In the realm of legal luminaries, Adv. Sidhartha Sharma stands as a distinguished figure with an impressive career spanning over 22 years. Serving as an Advocate on Record in the Original Side and Appellate Side of the Hon’ble High Court at Calcutta and the National Company Tribunal, Kolkata Bench, he is the visionary Founder Partner of M/s. Sharma & Sharma, a legal firm celebrated for its outstanding contributions to the legal fraternity.

Adv. Sharma embarked on his legal journey with a focus on Labor Law and Industrial Relations, addressing master-servant relationships and appearing before various tribunals such as the Provident Fund Appellate Tribunal. His early experiences laid the foundation for his expansive expertise, handling diverse matters related to labour law, including Provident Fund, ESI, Gratuity, and banking law issues. Notably, he served as the Chamber Junior to the esteemed Late Hon’ble Adv. Justice Protik Prakash Banerjee, Judge of the Hon’ble Calcutta High Court, who earned recognition as the BEST EMERGING LAWYER OF HON’BLE CALCUTTA HIGH COURT.

Over the course of 22 years, Adv. Sharma has navigated complex legal terrains, specialising in cases related to sick industrial companies and labour law matters. His legal acumen extends to handling high-stakes Company matters under the Companies Act, 1956, Companies Act, 2013, and the Insolvency and Bankruptcy Code, 2016. His appearances before various Benches of the National Company Law Tribunal throughout India, the Hon’ble National Company Law Appellate Tribunal, and the Hon’ble Supreme Court of India, particularly in matters related to the I & B Code, 2016, underscore his prominence in the legal landscape.

Beyond his professional affiliations, Adv. Sharma has left an indelible mark in diverse legal domains. His repertoire includes successfully managing cases related to petroleum dealership, company matters (specifically under sections 397 & 398, 434 of the Companies Act), civil matters including Arbitration, KMC matters, and Right to Information Act 2005. He has further contributed as a Legal Advisor to the public issue and right issue of notable entities like Impex Ferro Tech Ltd and Rohit Ferro Tech Ltd.

Before establishing his firm, Sharma & Sharma Advocates & Legal Consultants, Adv. Sharma garnered extensive experience with renowned Advocates and Solicitors firms, spanning over a decade. His journey also involved associations with major corporate houses and industrial concerns, enriching his understanding of diverse legal intricacies. As the torchbearer of legal excellence, Adv. Sidhartha Sharma continues to shape the trajectory of Sharma & Sharma, steering it towards new milestones while upholding the values of integrity, dedication, and sound ethical practices. His visionary leadership, wealth of experience, and unwavering commitment to legal acumen make him a luminary in the legal fraternity, inspiring generations to come. Adv. Sharma has received several accolades that celebrate his contribution to the firm, including being named the Managing Partner of the Year by ET Legal World at its Legal Convention & Awards 2023.

Founding Principles and Inspirations

“In the dynamic legal landscape, our firm stands as a testament to adaptability, evolving with the changing needs of the industry. We believe in providing not just legal solutions but becoming strategic partners in our clients’ journey to success” – Sidhartha Sharma

Advocate Sidhartha Sharma attributes his inclination towards the legal profession to his family’s rich legacy in law. He shares that since the formative years of his education, he was always inclined towards the legal profession and court craft. His father, Adv. Satyanarayan Sharma, a reputed labour law practitioner, and his elder brother, Adv. Anand Sharma, a Senior Partner at Sharma & Sharma, further inspired him to embrace the noble profession.

The firm’s core values revolve around principles of dedication, efficiency, commercial acumen, and a client-centric approach. Sidhartha emphasises the importance of partners’ involvement and accessibility to clients, ensuring they are well-informed about industrial developments regularly.

Specialised Proficiency and Practice Areas

Sharma & Sharma has carved a niche for itself with specialised proficiency in various practice areas, including corporate restructuring and insolvency, banking and finance, capital markets, securities, corporate advisory, cross-border transactions, real estate laws, mining, energy, dispute resolution, arbitration, employment, environment, FDI, governance risk and compliance, intellectual property rights, joint ventures, M&A, and private equity.

The firm’s multidisciplinary team, comprising advocates, chartered accountants, company secretaries, and professionals with business management expertise, sets it apart from its contemporaries. This diverse skill set allows Sharma & Sharma to understand both the legal and commercial aspects of their clients’ needs, offering comprehensive and tailored solutions.

Navigating Challenges and Embracing Change

In the dynamic realm of law, challenges are an inherent part of the profession. Sidhartha Sharma acknowledges the challenges, stating that litigation is a profession that thrives in challenges. Every day in the court, he contends, one will encounter some challenges or the other. He highlights the need to appreciate the commercial and operational practicalities while running an organisation, a key aspect often overlooked by many advocates.

To overcome such challenges, Sharma & Sharma has fostered a team of professionals with diverse expertise. The firm’s commitment to continuous learning is evident through monthly newsletters, in-house training programs, and participation in seminars and conferences, ensuring that its members stay abreast of the latest legal developments.

Technological Integration and Innovative Solutions

Recognising the importance of staying abreast of technological advancements, Sharma & Sharma has embraced a tech-savvy approach. The firm maintains a strong online presence, with a dedicated domain and website. The use of a unique reporting system, the Record of Proceedings (ROP), offers detailed explanations of court hearings to clients, enhancing accessibility and understanding of legal matters.

Moreover, the firm issues periodic newsletters, leveraging virtual platforms to keep clients and connections informed about the latest legal developments and landmark judgments. Sharma & Sharma has evolved a unique reporting system, the Record of Proceedings (ROP), to make the reporting of court/tribunal hearings accessible and comprehensible for clients, enhancing their understanding of the main issues involved in their disputes.

Commitment to Employee Welfare and Continuous Learning

Sharma & Sharma places a strong emphasis on the well-being of its employees, treating them as an integral part of the professional family. The firm’s inclusive environment supports both personal and professional growth, maintaining a work-life balance. Sidhartha Sharma states that they believe in creating opportunities for young minds and constantly strive to support and provide them with a platform to flourish professionally and otherwise.

The firm encourages continuous learning, evident through monthly newsletters and the participation of its associates in various seminars, workshops, and conferences. Internship programs for final year law students and pre-placement offers based on potential and merit contribute to fostering a culture of learning and growth within the organisation.

Legal Social Contributions and Pro Bono Initiatives

Sharma & Sharma takes its social responsibilities seriously, recognising the rewarding nature of advocacy. In addition to pro bono matters, the firm actively contributes to society by organising seminars to educate trade associates, stakeholders, and individuals on relevant laws affecting their day-to-day functioning. The firm also conducts virtual legal aid clinics, delivering free legal opinions to those who cannot afford quality legal assistance.

The firm’s commitment to social contributions extends to the publication of newsletters on virtual platforms, providing updates on recent legal developments and summaries of landmark judgments. By executing these initiatives, Sharma & Sharma strives to empower individuals and professionals with knowledge of their rights and duties.

Looking to the Future

As Sharma & Sharma charts its course for the future, the firm remains focused on growth and team collaboration. The firm aims to adopt software that enhances productivity and tracks deliverables while prioritising the health of its professionals. Sidhartha Sharma emphasises the importance of growing in the field of law through a collective team effort, fostering a work culture that maximises productivity while maintaining the well-being of its professionals.

In conclusion, Sharma & Sharma–Advocates & Legal Associates stands as a beacon of legal excellence, navigating the complexities of the legal landscape with integrity, dedication, and innovation. Under the visionary leadership of Advocate Sidhartha Sharma, the firm continues to evolve, adapt, and contribute to the legal fraternity, leaving an indelible mark on the socio-legal fabric of our civilization.

Source:(https://theleadersglobe.com/magazines/)

[lexkhoj]

Claim Submitted By Creditor Cannot Be Rejected Merely Because It was in a Different Form: Supreme Court

While hearing an appeal filed against the National Company Law Appellate Tribunal, Principal Bench, New Delhi in the matter of Greater Noida Industrial Development Authority vs Prabhjit Singh Soni & Anr,, Hon’ble Supreme Court held that a claim submitted by the Resolution Applicant under the Corporate Insolvency Resolution Process cannot be rejected or overlooked simply based on the fact that the…

[latestgovtjobnews]

NCLAT hiring Law Research Associates in New Delhi, Chennai for three-year contracts, ₹60k/month; Indians under 30 with law degrees.

New Post has been published on https://www.jobsarkari.in/nclat-hiring-law-research-associates-in-new-delhi-chennai-for-three-year-contracts-%e2%82%b960k-month-indians-under-30-with-law-degrees/

NCLAT hiring Law Research Associates in New Delhi, Chennai for three-year contracts, ₹60k/month; Indians under 30 with law degrees.

The National Company Law Appellate Tribunal is seeking applications for the engagement of Law Research Associates (LRA) on a purely contractual basis. There are 20 vacancies available at the Principal Bench in New Delhi and 4 vacancies at the Chennai Bench in Chennai, Tamil Nadu. The period of appointment for LRAs is initially one year, with the possibility of extension for up to three years. LRAs may be discontinued before completion of one year if their services are found to be unsatisfactory. They are also required to give six weeks’ notice if they intend to leave the assignment within one year.

Candidates must be under 30 years of age and citizens of India. Eligibility criteria include being a graduate in law with a minimum aggregate of 50% marks from a recognized institution in India. Candidates who have passed all their examinations within the duration of their course are eligible to apply. Law graduates who obtained their degree not earlier than two years prior to the date of advertisement are also eligible. Candidates in the fifth year of the Five-Year Integrated Law Course or the third year of the Three-Year Law Course after Graduation in any stream can apply, provided they furnish proof of acquiring their law qualification before taking up the assignment. Candidates pursuing postgraduate degrees or other programs requiring compulsory attendance elsewhere during the expected period of engagement are not eligible.

LRAs must have research and analytical skills, writing abilities, and knowledge of operating computers and common software. They must also have a good knowledge of Company Law with IBC and Competition Law. LRAs are entitled to one day of casual leave per month, with a maximum eligibility of 12 days per year. They are required to obtain prior permission from the Competent Authority before leaving the station.

LRAs will be paid a consolidated fixed amount of Rs. 60,000 per month as honorarium/remuneration, with no additional allowances or perks. During the period of their assignment, LRAs are not allowed to practice as advocates or take up any other employment. They are also prohibited from practicing before the Member with whom they were attached for a period of three years after the end of their assignment.

The duties, responsibilities, and other conditions of the assignment as LRA are governed by the ‘Scheme of engagement of Law Research Associates in the NCLAT and NCLT.’ The application process requires submitting a completed application form along with self-attested photocopies of the required documents. The appointment on a contractual basis is full-time, and LRAs are not permitted to take up any other assignment during their engagement with the NCLAT.

The National Company Law Appellate Tribunal reserves the right not to fill all the vacancies. Applications should be sent to the Registrar of the NCLAT before the closing date of March 7, 2024. Late or incomplete applications will be rejected. The vacancy circular and necessary forms can be downloaded from the NCLAT website.

The National Company Law Appellate Tribunal is seeking Law Research Associates on a contractual basis.

There are 20 vacancies at the Principal Bench in New Delhi and 4 vacancies at the Chennai Bench in Chennai.

The initial contract period is one year, with the possibility of extension up to three years.

Candidates must be law graduates with a minimum aggregate of 50% marks and be recognized by the Bar Council of India.

Applicants should have research and analytical skills, as well as knowledge of Company Law and Competition Law.

Law Research Associates will receive a monthly honorarium of Rs. 60,000 and are entitled to one day of casual leave per month.

Introduction

The National Company Law Appellate Tribunal is seeking Law Research Associates on a contractual basis.

20 vacancies at the Principal Bench in New Delhi and 4 vacancies at the Chennai Bench in Chennai.

Contract period is initially for one year, with the possibility of extension up to three years.

Eligibility Criteria

Candidates must be law graduates with a minimum aggregate of 50% marks.

The law degree should be recognized by the Bar Council of India.

Research and analytical skills are required.

Knowledge of Company Law and Competition Law is essential.

Application Process

Application as per Annexure-A of the vacancy circular.

Self-attested photocopies of necessary documents required.

Applications to be sent to ‘The Registrar, National Company Law Appellate Tribunal, 3rd Floor, Mahanagar Doorsanchar Sadan (M.T.N.L. Building), 9, C.G.0. Complex, Lodhi Road, New Delhi-110003’ by 7th March, 2024.

Period of Appointment

Initially one year, extendable up to three years.

Discontinuation possible with two weeks’ notice for unsatisfactory services.

LRA intending to leave within one year must give prior notice of at least six weeks.

Honorarium and Leave

Monthly honorarium of Rs. 60,000/- (Rupees Sixty Thousand only).

One day Casual Leave per calendar month, with carry forward option up to 12 days.

Deductions made from honorarium for exceeding permissible limit of Casual Leave.

Duties and Responsibilities

Full-time job, including attending the Residential Office of the concerned Member.

LRA may be required to attend Office/Residential Office even on gazetted/local holidays.

Duties and responsibilities governed by the ‘Scheme of engagement of Law Research Associates in the NCLAT and NCLT.’

Bar to Practice or Taking up Employment

LRA not entitled to practice as an Advocate during the assignment.

Obligatory to inform the concerned Bar Council in writing about the non-practice commitment.

LRA not permitted to take up any other employment or engagement during the assignment.

Three-year refraining period from practicing before the Member after relinquishment of the assignment.

Documents Required

Application as per Annexure-A of the vacancy circular.

Self-attested photocopies of age proof, eligibility criteria, and other necessary documents/certificates.

Conclusion

Law Research Associate position offers an exciting opportunity for law graduates.

Contractual engagement with the National Company Law Appellate Tribunal.

Monthly honorarium of Rs. 60,000 and entitlement to one day of casual leave per month.

Summary

Law Research Associates needed at NCLAT on a contractual basis.

Eligibility criteria include law degree with minimum 50% marks and knowledge of Company Law and Competition Law.

Application deadline: 7th March, 2024.

Monthly honorarium of Rs. 60,000 and one day Casual Leave per month.

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[onlinetypinghindi]

The National Company Law Appellate Tribunal Invites Applications For Judicial Member Recruitment

[property23]

From Auctions to Bank-Owned: Unveiling the Spectrum of Distressed Properties in India

Investing in distressed properties can be a lucrative venture, offering unique opportunities for those looking to enter the real estate market at a potentially lower cost. In India, distressed properties encompass a variety of real estate assets that are available for purchase due to financial or legal challenges faced by the current owners. Here's an overview of the types of distressed property sale in Chennai commonly found in the Indian real estate market:

Foreclosed Properties:

Foreclosed properties are those seized by banks or financial institutions due to the borrower's inability to repay the mortgage or loan. These properties are typically auctioned off to recover the outstanding debt. Investors can find value in foreclosed properties, often acquiring them at prices lower than the market value.

Bank-Owned Properties:

Bank-Owned Properties, also known as Real Estate Owned (REO) properties, come into the possession of the bank after undergoing foreclosure. These assets are commonly marketed and sold through auctions or real estate agents, providing buyers with the advantage of streamlined transaction processes.

Distressed Sales:

Distressed sales include properties sold by owners facing financial difficulties or urgent circumstances. These sales may be prompted by issues such as job loss, divorce, or other personal crises, leading to a quicker sale at a potentially lower price.

Auctioned Properties:

Auctions are a common method for selling distressed properties in India, providing a dynamic platform for both buying and selling real estate assets. Properties may be auctioned by financial institutions, government agencies, or private sellers, offering a diverse range of opportunities for potential investors looking to buy or sell property in Chennai. Investors can actively bid on these properties, and successful bidders can acquire real estate at competitive prices, making auctions a compelling avenue for those involved in the Chennai real estate market.

Insolvency and Bankruptcy Cases:

The Insolvency and Bankruptcy Code (IBC) in India has facilitated the resolution of distressed assets. Properties involved in insolvency or bankruptcy cases may be available for sale as part of the resolution process. Investors can explore these opportunities through the National Company Law Tribunal (NCLT) or the National Company Law Appellate Tribunal (NCLAT).

Non-Performing Assets (NPAs):

NPAs in the banking sector may include distressed properties that financial institutions are eager to sell to recover losses. Investors can explore NPAs as potential opportunities for acquiring real estate assets at favorable prices.

Government Auctions:

Government agencies, including the Income Tax Department and municipal authorities, often conduct auctions of seized properties due to non-payment of taxes or other legal issues. These properties can provide investors with a chance to acquire assets with potential value appreciation.

Rehabilitation Projects:

Distressed properties in need of renovation or rehabilitation present opportunities for investors with the skills and resources to undertake such projects. These properties can be purchased at a lower cost, and value can be added through renovations.

Land Parcels with Legal Issues:

Some distressed properties may include land parcels with legal complications or title issues. Investors who can navigate and resolve these legal challenges may find opportunities to acquire land at discounted prices.

Before venturing into the market of distressed properties, potential investors should conduct thorough due diligence, considering legal aspects, market conditions, and potential renovation costs. This diligence is essential not only for those looking to invest in distressed properties but also for individuals aiming to sell and rent their properties in Chennai. While the potential returns can be enticing, careful consideration and a well-informed approach are crucial for success in this niche real estate sector, whether you are buying, selling, or renting in the vibrant Chennai market.

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How does NPA consultant help the stressed or NPA borrowers?

We strongly believe that focusing on business revival is the real solution to set things back on track. Till such time it is essential to utilise financial resources in the most productive manner. Servicing loan EMI or interest by creating an additional debt burden will not help in long run. Rather it will further worsen the financial health. So our advice to a stressed or an NPA borrower is DONT fear NPA, try to buy time legally, don’t pay bank by new borrowings and protect the valuable assets until some funding arrangement is in place to enter into one time settlement in bank. We help in npa management and work out strategic solutions to bring the account out of NPA and revive the business. We look into various npa legal matters providing varied npa legal services. We have team of experienced npa lawyers who can provide DRT legal solutions, matters in National Company Law Tribunal, National Company Law Appellate Tribunal under the IBC Act. We also provide other services including npa settlement, npa loan takeover, npa ots funding. What is your opinion on bank recoveries through personal assets of the guarantor under IBC? This is another blow to the entrepreneurs in our country. While doing any business, the promoter is creating assets, generating employment, paying money to the exchequer in the form of various taxes, paid crores of rupees by way of taxes to the government, paid crores of rupees to the employees whereby so many families have survived. When business fails, he has no social security. Then why should one do business? What kind of gratitude we express to our community of entrepreneurship? I do agree that unscrupulous people having fraudulent mentality should be treated very sternly. To site an example: Mr. Nirav Modi or Mr. Vijay Mallya defaulted. In the recovery process their business took a toll, assets became unproductive, lakhs of people got unemployed, lakhs of people deprived of their salaries who in turn could not service their loan obligations thus creating a rise in NPAs. Is it in the interest of the nation to kill an operating unit? If banks can be nationalized then why can't you do the nationalization of these businesses? Do the nationalization of this business, re-establish them and again resell them. Could you please elaborate on your idea of social security as recovery through revival and resolution expert? It is more or less the same thing which I have said earlier, but still I want to elaborate it. The businessman over a period of time has contributed to the society, has contributed to the nation in the form of GDP, in the form of employment, in the form of taxation and many other ways. He is also adding to the infrastructures. Having said that one has to look at business as a living being. And if at all it has to die, it has to die naturally. Not by coercion. Our banking system, our legal system are killing them coercively. As a social thinking or as a rational thinking, you should protect the business, and the businessman so that his next generation does not fear joining the business and opt for some employment. There should be a motivation to become a job giver rather than becoming a job seeker. In India, 95% of the population are brought up as a job seeker. Our socioeconomic and educational system is such that when the child takes birth, parents give their best to provide education, emphasize on scoring good marks to make him/her outshine in a campus interview to be selected by some multinational company. In this way we are creating slave mentality. Just the rest 5% of the population dare to do business. In spite of such situation, instead of supporting, protecting, promoting, encouraging them in difficult times, killing them is the easy way adopted in present time. Is it not a matter of grave concern and against the interest of entire Indian economy ?

[enterslices]

The PMLA Appellate Tribunal: Upholding the Rule of Law in the Fight against Money Laundering

In the intricate world of finance, where transactions flow like a mighty river, there exists a dark undercurrent of illicit funds, the lifeblood of criminal enterprises. This is the realm of money laundering, where ill-gotten gains are disguised and injected into the legitimate economy, blurring the lines between legality and illegality. To combat this insidious threat, India has established a robust anti-money laundering (AML) framework, with the Prevention of Money Laundering Act (PMLA) as its cornerstone.

At the heart of the PMLA's enforcement mechanism lies the PMLA Appellate Tribunal, a quasi-judicial body tasked with adjudicating appeals against orders issued under the Act. This Tribunal, with its specialized expertise and unwavering commitment to upholding the law, serves as a vital guardian of the PMLA's effectiveness, ensuring that the fight against money laundering remains unwavering.

Navigating the Maze of Money Laundering

Money laundering, the process of concealing the origins of illegally obtained proceeds, is a complex and sophisticated crime. It often involves intricate financial transactions, shell companies, and offshore havens, making it difficult to trace the illicit funds back to their source.

The PMLA Appellate Tribunal plays a crucial role in dismantling this intricate web of financial deceit. By scrutinizing appeals against orders issued under the PMLA, the Tribunal ensures that the law is applied fairly and effectively, preventing the perpetrators of money laundering from escaping justice.

A Bastion of Impartiality and Expertise

The PMLA Appellate Tribunal comprises a panel of experienced legal and financial experts, armed with a deep understanding of the nuances of money laundering and the complexities of the PMLA. This specialized expertise allows the Tribunal to delve into the intricacies of each case, meticulously examining the evidence and legal arguments presented.

The Tribunal's impartiality is paramount in ensuring that justice is served. Its decisions are guided by the principles of fairness, objectivity, and adherence to the law, safeguarding the rights of all parties involved.

A Pillar of Anti-Money Laundering Enforcement

The PMLA Appellate Tribunal's contributions to the fight against money laundering extend beyond its judicial role. Its decisions provide valuable guidance on the interpretation and application of the PMLA, setting precedents that shape the landscape of anti-money laundering jurisprudence in India.

The Tribunal's rulings have clarified the scope of the PMLA's applicability, established the standard of proof required for establishing money laundering offenses, and defined the permissible extent of provisional attachment of properties. These clarifications have strengthened the AML framework, making it more effective in combating money laundering.

Upholding the Rule of Law

The PMLA Appellate Tribunal's commitment to upholding the rule of law is unwavering. Its decisions are based on sound legal principles and a meticulous analysis of the facts, ensuring that the law is applied fairly and consistently.

By upholding the rule of law, the Tribunal instills public confidence in the justice system and sends a strong message that money laundering will not be tolerated. This message serves as a deterrent, discouraging potential offenders from engaging in this illicit activity.

Conclusion

The PMLA Appellate Tribunal, with its expertise, impartiality, and unwavering commitment to upholding the law, stands as a beacon of hope in the fight against money laundering. Its decisions provide invaluable guidance, strengthen the AML framework, and instill public confidence in the justice system. As the fight against money laundering continues to evolve, the Tribunal's role will remain indispensable in safeguarding the integrity of the financial system and protecting the nation from the corrosive effects of illicit funds.

[wenikhilkumar]

Suprme court affirms rights of secured creditors over pledged shares under IBC

Supreme Court Affirms Rights of Secured Creditors Over Pledged Shares Under I&B Code In a landmark decision in May 2023, the Supreme Court of India reiterated the entitlements of secured creditors within the framework of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The ruling in **M/S. Vistra ITCL (India) & Ors. v. Mr. Dinkar Venkatasubramanian & Anr.** established that secured creditors are entitled to retain the sale proceeds from shares pledged by a corporate debtor. This decision further cements the protections afforded to secured creditors under the I&B Code, providing crucial clarity in insolvency proceedings.

Case Background The case involves Amtek Auto Limited, which approached M/S. Vistra ITCL (India) & Ors. (the appellants) for a short-term loan facility of Rs. 500 crores. This facility was extended to the corporate debtor’s group companies, including M/s. Brassco Engineers Ltd. (Brassco) and M/s. WLD Investments Pvt. Ltd. (WLD). As part of this arrangement, Amtek Auto Limited pledged its equity shares in M/s. JMT Auto Ltd. (JMT) to secure the loan. When insolvency proceedings under Section 7 of the I&B Code were initiated against Amtek Auto Limited, a Resolution Professional was appointed, and the approval of a Resolution Plan was sought. The appellants, as secured creditors, moved to claim their rights over the pledged shares. However, the Resolution Professional rejected their claim, and this decision was upheld by the Adjudicating Authority and the National Company Law Appellate Tribunal (NCLAT). The appellants, aggrieved by these decisions, escalated the matter to the Supreme Court.

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Empowering Your Business Growth: Vishvas Law Offices at Your Service

Embarking on the journey of entrepreneurship or managing an established corporation often entails navigating a maze of legal intricacies. In such a landscape, having a reliable legal partner becomes imperative. Welcome to Vishvas Law Offices, your trusted ally in conquering the legal challenges that accompany business endeavors. Let's delve into how our array of specialized services can empower your business growth and success.

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Expert Advocacy at NCLAT

In the dynamic realm of corporate law, having access to a proficient NCLAT Lawyer in Delhi is invaluable. At Vishvas Law Offices, our skilled advocates bring extensive experience and deep knowledge of the National Company Law Appellate Tribunal (NCLAT) to the table. Whether you're appealing a decision or seeking legal recourse, our team is dedicated to providing effective advocacy and securing favorable outcomes.

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In the fast-paced business environment, timely legal advice can be a game-changer. At Vishvas Law Offices, we offer proactive Legal advisory services Delhi aimed at empowering businesses to make informed decisions. Our seasoned advisors provide strategic insights and risk assessments, enabling clients to navigate legal complexities with clarity and confidence.

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Mergers and acquisitions present unique challenges that demand specialized expertise. With a skilled Mergers & Acquisition lawyer by your side, you can navigate these intricate transactions with ease. At Vishvas Law Offices, our M&A specialists offer comprehensive support, from due diligence to negotiation and integration, ensuring a seamless and successful transition for your business.

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Effective corporate governance is the cornerstone of organizational success. As a trusted Company Secretary near me, Vishvas Law Offices provides expert guidance on governance best practices and regulatory compliance. Our comprehensive services help businesses uphold integrity and accountability, thereby fostering long-term success and stakeholder confidence.

Comprehensive Representation at NCLAT

Whether you're facing a legal dispute or seeking proactive legal counsel, Vishvas Law Offices is your trusted partner for comprehensive representation. Our skilled NCLAT Advocate services are tailored to meet your specific needs, ensuring that your rights are protected and your interests advanced. With our unwavering commitment to excellence, we strive to achieve favorable outcomes for our clients.

Conclusion: Partnering for Success

In conclusion, Vishvas Law Offices is dedicated to empowering businesses to navigate the complexities of corporate law and unlock their full potential. With our expertise, dedication, and personalized approach, we empower clients to overcome legal challenges and achieve their business objectives with confidence. Contact us today to embark on a journey of legal excellence and success!