nclt in A Sentence
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The matter is currently before the National Company Law Tribunal(Nclt).
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The Nclt is formed on Article 245 in the constitution of India.
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Both the Nclt and NCLAT were formed based on Article 245 of India's Constitution.
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The government moved the National Company Law Tribunal(Nclt) for replacing the IL&FS Board.
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Which became the first financial services firm to be taken to National Company Law Tribunal(Nclt)?
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The Nclt has changed and appointed 6 members in its place in the board of the company. They are:.
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When the cases go to Nclt, an interim resolution professional is appointed, and a committee of creditors(CoC) is formed.
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When the cases go to the Nclt, an interim resolution professional is appointed, and a committee of creditors is formed.
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Over 300 cases have already been approved by the National Company Law Tribunal(Nclt) to be taken up under the law.
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On 10 June, 2019, Nclt sanctioned the scheme of arrangement about BFIL, IndusInd and IFIL and their respective shareholders and creditors.
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It has given the Nclt exclusive jurisdiction, while also decreasing the time required to hear cases and come to a fruitful decision.
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Disappointed with the judgement, Cyrus Mistry's office in a statement said that the ruling of the Nclt is disappointing although not surprising.
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Around 12,000 cases have been filed since the implementation of the code and setting up of the National Company Law Tribunal(Nclt).
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In 2019, the Nclt is expected to finalise corporate insolvency resolution process of several stressed assets through its 11 functional benches across India.
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On the basis of this, the board of directors decided that the company would choose the solution for faster solution through Nclt Mumbai.
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The Nclt suspended the existing board and directed that the suspended members should not represent the company in any form with immediate effect.
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As at the end of December 2017, the Nclt has approved 10 resolution plans and initiated commencement of liquidation procedures in 30 other cases.
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If Nclt allows the plea of the ICICI Bank, then this will be the second company of the crisis hit Jaypee group facing insolvency.
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While writing the IBC, its authors perhaps never thought that such a case involving thousands of homebuyers would ever come up before the Nclt.
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The deal between the two companies may formalise after due diligence, definitive documentation and their shareholders, regulatory, Nclt and other third-party approvals, as applicable.
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At the end of 2017, the debt-laden company was referred to the National Company Law Tribunal(Nclt) following petitions from creditors Standard Chartered Bank and DBS Bank.
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Since the National Company Law Tribunal(Nclt) was set up 18 months ago, over 4,300 cases have been filed at its various benches for resolution process.
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At present, the case is in the National Company Law Tribunal(Nclt), which is in an advance stage and the bank expects good recovery in the account.
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Name the head of the new board of the Infrastructure Leasing & Financial Services(IL&FS) formed by National Company Law Tribunal(Nclt) to appoint chairman of IL&FS?
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The statement said,"On the basis of this, the board of directors decided that the company would choose the solution for a faster solution through Nclt Mumbai.
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The company in a statement said that following its failure to pay back the lenders, it would approach the National Company Law Tribunal(Nclt) under the insolvency law.
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However, some employees of Bhushan Steel had challenged it before Nclt contending that Tata Steel was not eligible under section 29(A) of the Insolvency and Bankruptcy Code(IBC).
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The story so far: Jet Airways, the troubled private airline that has failed to meet its huge debt obligations, was admitted to the National Company Law Tribunal(Nclt).
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He said National Company Law Tribunal(Nclt) had started receiving corporate insolvency cases by the end of 2016 and so far, 1,322 cases have been admitted by it.
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The deal between the two companies may decide after the due activity, authoritative documentation and their shareholders, regulatory, National Company Law Tribunal(Nclt) and other third-party approvals, as applicable.
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