Write short notes on: (iii) Rule of Opt-out.

Rule 86 of the National Company Law Tribunal Rules, 2016 (NCLT Rules, 2016) provides for Opt-Out as under: (1) A member of a class action under section 245 of the Companies Act, 2013 (the Act) is entitled to opt-out of the proceedings at any time after the institution of the class action, with the permission of the NCLT, as per Form No. NCLT-1. (2) For the purposes of this rule, a class member who receives a notice under section 245(5)(a) of the Act shall be deemed to be the member of a class, unless he expressly opts out of the proceedings, as per the requirements of the notice issued by the NCLT in accordance with rule 38 of NCLT Rules, 2016. (3) A class member opting out shall not be precluded from pursuing a claim against the company on an individual basis under any other law, where a remedy may be available, subject to any conditions imposed by the NCLT.