20 July 2016

NCLT clarifies on functioning of Single Bench & Division Bench

NCLT clarifies on functioning of Single Bench & Division Bench

NCLT clarifies that the NCLT, Division Bench is *entitled to function as a Bench and exercise powers of the Tribunals, irrespective of any class of cases* (except those specified by an Order of President); States that the Single Judicial Member posted at various benches of Tribunal are also authorized, in addition, to the Division Bench to function as Bench and exercise *powers of NCLT* in following cases:

(i) _All *cases* that have been *transferred from CLB,*_

(ii) _All *new petitions* where company involved has *paid-up share capital of Rs. 50 lacs or less where Division Bench is available.* Clarifies that, where the Division Bench is not available, the pecuniary limit of Rs. 50 lacs shall not apply,_

(iii) _Any *other matter which the President may authorize* by passing a specific/general order:_ NCLT

No comments:

Post a Comment

What do you think about this? Please write your comment.