Practice Profile

Companies Act, 2013 and Insolvency and Bankruptcy Code, 2016 contain the procedural law in the field of Corporate Litigation. National Company Law Tribunal and the National Company Law Appellate Tribunal have been constituted under the Companies Act as the special Tribunals, dealing with matters related to companies. 

Similarly Insolvency and Bankruptcy Code has completely redefined the procedure related to Corporate Insolvency. Corporate Insolvency can now be initiated by Operational Creditors, Financial Creditors and the Corporate Debtor company itself. Insolvency Resolution Process is to be completed in a time bound manner and the Resolution Plan is required to be approved by the Committee of Creditors in terms of the requirement of the Code. The Code also takes care of malicious and fraudulent proceedings against companies, where NCLT has been given powers to impose costs. In so far as jurisdiction is concerned, a petition can only be entertained by the NCLT bench under whose territorial jurisdiction the Registered office of the Corporate Debtor is located 

Both the Companies Act, 2013, and the Insolvency and Bankruptcy Code, 2016 have given wide powers to NCLT and NCLAT in the matters of corporate jurisdiction. Jurisdiction of NCLT includes the following;

a. Class Action Suits under Section 245 of Companies Act.

b. Issues related to De-registration/Dissolution and Restoration of a company.

c. Issues related to Oppression and Mismanagement of the affairs of the Company.

d. Issues related to Merger, Amalgamation of Companies. 

e. Issues of compromise between the company and its creditors. 

f. Issues related to Inquiry and Investigation into the affairs of a company. 

g. Issues related to protection of interests of various stakeholders, depositors etc.

h. Insolvency Proceedings by Operational Creditors. 

i. Insolvency Proceedings by Financial Creditors.

j. Matters related to Corporate Insolvency Resolution Process.