NCLT Lawyer in Ahmedabad | Paresh M Modi | 9925002031

The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies. Issue related to company, Finance, bankruptcy, Creditors, Debtors, Secured Loan, unsecured loan and many more fall in to the IBC- Known as The Insolvency and Bankruptcy Code, 2016. Some disputes of IBC fall in to the DRT Tribunal- Debt Recovery Tribunal, DRAT Tribunal- Debt Recovery Appellate Tribunal, NCLT tribunal- National Company Law Tribunal, NCLAT Tribunal- National company Law Appellate Tribunal.

The central government has constituted NCLT under section 408 of the companies act 2013 (18 of 2013) w.e.f 01/06/2016. In the first face the ministry of corporate affairs have set up eleven benches, one principal bench at New Delhi and ten benches at New Delhi, Ahmedabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai, These benches headed by the president and 16 judicial members and 09 Technical members at different locations, Subsequently more members have joined and benches at Cuttack, Jaipur, Kochi, Amravati and Indore have been setup.

In Ahmedabad, Gujarat, the National Company Law Tribunal (NCLT) serves as a critical forum for resolving corporate disputes, including cases involving creditors, debtors, and the Corporate Insolvency Resolution Process (CIRP). Advocate Paresh M Modi stands out as a prominent legal professional specializing in NCLT court cases. With extensive expertise in corporate law, Advocate Paresh M Modi offers comprehensive legal services to clients involved in insolvency and bankruptcy matters.

His practice covers a wide range of issues related to creditors and debtors, ensuring effective representation in disputes over financial claims. He provides adept legal counsel throughout the CIRP, helping companies navigate the complexities of insolvency proceedings. Advocate Paresh M Modi is known for his strategic approach in negotiating and structuring debt resolutions, thereby safeguarding the interests of creditors and facilitating viable recovery solutions.

Furthermore, Advocate Paresh M Modi’s proficiency extends to managing intricate corporate disputes, handling petitions for debt recovery, and representing clients in NCLT hearings. His deep understanding of the Insolvency and Bankruptcy Code (IBC) enables him to deliver adept legal strategies tailored to each client’s unique circumstances. In Ahmedabad’s dynamic legal landscape, Advocate Paresh M Modi is a trusted name for those seeking expert guidance in NCLT cases, making him an invaluable ally in the pursuit of favorable outcomes in corporate insolvency matters.

The NCLAT functions at a strength of 5 Courts, 4 at the Principal bench in new Delhi. The NCLT functions at a strength of 16 Benches including the Principal Bench in New Delhi. The NCLT and NCLAT are the judicial tribunals that exercise the jurisdictions previously vested on the High Courts.

The DRT tribunals are located in 39 places in India and DRAT Tribunals are located in 5 places in India, they are; Mumbai, Delhi, Kolkata, Allahabad and Chennai.

Basically, NCLT Tribunal and NACLAT Tribunal is taken care of issues like financial and operational creditors, debtors and liquidation related disputes of the company and many more issues related to companies act. In other words, Insolvency applications against the corporate persons who owes a debt to some creditors and defaults in making the payment to the creditors (financial or operational) shall be filed in the NCLT.

Criteria for Filing an NCLT Case

1. Corporate Insolvency Resolution Process (CIRP):

– Default Threshold: The debtor must have defaulted on a debt of at least ₹1 crore.

– Eligible Applicants: Financial creditors, operational creditors, or the corporate debtor itself can file for insolvency.

– Documents Required:

– Proof of default.

– Record of the debt.

– Evidence of a demand notice served to the debtor (for operational creditors).

– Application Format: Applications must be submitted in the prescribed forms (Form 1 for financial creditors, Form 5 for operational creditors).

2. Oppression and Mismanagement:

– Eligibility: Members of a company holding not less than 1/10th of the issued share capital or not less than 100 members, or any member(s) authorized by the Central Government.

– Grounds: The affairs of the company are being conducted in a manner oppressive to any member(s) or prejudicial to public interest.

3. Mergers and Amalgamations:

– Approval: Applications for mergers or amalgamations must include the scheme of merger, approval from the board of directors, and resolutions from shareholders’ and creditors’ meetings.

4. Company Law Matters:

– Eligibility: Shareholders, creditors, or any person authorized under the Companies Act.

– Documents Required: Proof of the matter in dispute, board resolutions, and any relevant contracts or agreements.

Stages of NCLT Cases

1. Filing of Petition/ Application:

– The petitioner files an application/petition with the NCLT in the prescribed format along with necessary documents and fees.

2. Admission and Issue of Notice:

– The NCLT reviews the application for completeness and admissibility.

– If admitted, a notice is issued to the respondent(s) to appear before the tribunal and file their reply.

3. Reply and Rejoinder:

– The respondent files a reply to the petition/application.

– The petitioner may file a rejoinder to address points raised in the respondent’s reply.

4. Preliminary Hearing:

– The tribunal conducts a preliminary hearing to set a timeline for further proceedings and may pass interim orders if necessary.

5. Evidence and Argument Stage:

– Both parties present their evidence, including documents, witness testimonies, and expert opinions.

– Legal arguments are made by both sides based on the evidence presented.

6. Final Hearing:

– The tribunal conducts a detailed hearing, where final arguments are presented by both parties.

– The tribunal may ask questions and seek clarifications during this stage.

7. Judgment and Orders:

– The NCLT pronounces its judgment and passes the final order based on the merits of the case.

– The order may include directions for resolution, penalties, or other remedies as deemed appropriate.

8. Implementation and Compliance:

– The parties are required to comply with the tribunal’s orders within the stipulated time frame.

– The NCLT may oversee the implementation process to ensure compliance.

9. Appeal:

– Aggrieved parties have the right to appeal the NCLT’s decision to the National Company Law Appellate Tribunal (NCLAT) within the prescribed period.

Understanding these criteria and stages is essential for effectively navigating the NCLT process and ensuring proper representation and adherence to legal procedures.

Advocate Paresh M Modi is a famous (National Company Law Tribunal) NCLT Lawyer in Ahmedabad Gujarat as well as DRT Lawyer in Ahmedabad Gujarat. Advocate Paresh M Modi is also Company Law Lawyer in Gujarat having experience and expertise in companies Act and business and Corporate Laws. He is the Best Lawyer near me for Civil Criminal and Family Matter in Ahmedabad, Gujarat. Now Call or WhatsApp SMS and book the Appointment Of Advocate Paresh M Modi, Mobile: 9925002031

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NCLT

The National Company Law Tribunal (NCLT) is a quasi-judicial authority in India adjudicating matters related to corporate disputes, insolvency, and bankruptcy under the Companies Act and IBC, 2016.

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