A clean and clear drafting of the Petition is required to be submitted to the NCLT, which would make process easier. Elaborate the standard guidelines for presenting an application or petition before NCLT, prescribed in
CS Professional · Corporate Restructuring, Insolvency, Liquidation & Winding-up · PYQS · June 2024
A clean and clear drafting of the Petition is required to be submitted to the NCLT, which would make process easier. Elaborate the standard guidelines for presenting an application or petition before NCLT, prescribed in National Company Law Tribunal Rules, 2016 and Companies (Compromises, Arrangements and Amalgamations) Rules, 2016.
Answer & Explanation:
Following are the standard guidelines for presenting an application or petition before NCLT prescribed in National Company Law Tribunal Rules, 2016 and Companies (Compromises, Arrangements and Amalgamations) Rules, 2016: The petition/application being filed shall fall under the proper territorial jurisdiction of NCLT Bench. The petition/application and all enclosures shall be legibly typewritten in English language. In case it is in some other Indian language, it shall be accompanied by a copy translated in English. The petition/application/appeal/reply shall be printed in double line spacing on one side of the standard petition paper with an inner margin of about 4 cms width on top and with a right margin of 2.5cm left margin of 5 cm and duly paginated, indexed and stitched together in paper book form. The petition/application shall be filed in prescribed form with stipulated fee in triplicate by duly authorized representative of the companies or by an advocate duly appointed in this behalf. The petition shall also be accompanied by an index and memo of the parties. The cause title of the petition/application shall be "Before the National Company Law Tribunal" and it shall also specify the Bench to which it is presented. All the relevant provisions of the Companies Act, 2013/ NCLT Rules, 2016 shall be clearly mentioned in the petition/application. The petition/application shall be divided into paragraphs and shall be numbered consecutively and each paragraph shall contain a separate fact or point. The foot of petition/application shall have name and signature of the authorized representative. The name of the petitioner/applicant along with complete address, viz, the name of the road street lane and municipal division or ward, municipal door and other number of the house, the name of the town or village; the post office; postal district and pin code shall be mentioned in the petition/application. The fax number, mobile number, valid email addresses of the petitioner / applicant shall also be mentioned. Every interlineation, eraser or correction or deletion in petition/application shall be initialled by the party or his authorized representative. The affidavit verifying the petition in Form NCLT-6 shall be drawn on non-judicial/stamp paper of requisite value duly attested by Notary public/Oath Commissioner. Full name, parentage, age, description of each party, date, address and in case a party sues or being sued in a representative character, has been set out in accordance to Rule 20(5) of the NCLT Rules, 2016. Petition/application/ appeal reply has been drawn in the prescribed form i.e., Form No. NCLT.1 with stipulated fee given in the Schedule of these rules. The fee is to be paid by way of demand draft /PO drawn in favour of the "The Pay & Accounts Officer, Ministry of Corporate Affairs, New Delhi" or can be paid through online at nclt.gov.in. The documents attached with petition/application shall be duly certified by the authorized representative or advocate filing the petition or application. The annexure to the petition/application shall be serially numbered. The Vakalatnama shall bear court fee stamp. The documents with regard to shareholding/paid-up capital/latest balance sheet of the petitioner/applicant shall be attached. Document other than in English language shall be duly translated and accordingly a translated copy duly certified shall be attached with petition/application.
Topics: Compromises & Arrangements
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