GOVERNMENT OF INDIA

Ministry of Corporate Affairs

NOTICE INVITING COMMENTS ON THE DRAFT RULES W.R.T. NCLT RELATED PROVISIONS UNDER THE COMPANIES ACT, 2013

Dated the 28^th January, 2016

283 Sections of the Companies Act, 2013 have already been commenced. Remaining sections related to functioning of NCLT/NCLAT and certain other authorities are yet to be notified. In view of the Supreme Court order dated 14^th May, 2015, the process for constitution of NCLT/NCLAT has been undertaken and these bodies are likely to be set up shortly.

2. The Ministry had set-up a Committee on 17th July, 2015 to examine the draft Rules w.r.t procedure to be followed NCLT/NCLAT. The said Committee has since made recommendations on draft rules w.r.t. following matters:-

(i) Rules on Compromises, Arrangements and Amalgamation;

(ii) Rules on Prevention of Oppression and Mismanagement; and

(iii) Rules on procedure to be followed by NCLT and NCLAT;

The draft rules w.r.t above matters have been placed on the Ministry’s website at www.mca.gov.in

3. It has been decided to invite suggestions/comments on the above draft rules. Suggestions/comments on above mentioned draft rules along with justification in brief may be addressed/sent latest by 17th February, 2016 through email at [email protected] . It is requested that the name, Telephone number and address of the sender should be indicated clearly at the time of sending suggestions/comments.

Draft NCLT/NCLAT rules invite stakeholder comments on compromises, oppression, and tribunal procedure, with submission by deadline. Invitation for public input on draft rules governing NCLT/NCLAT-related provisions under the Companies Act, covering Compromises, Arrangements and Amalgamation; Prevention of Oppression and Mismanagement; and tribunal procedure. The Ministry requests reasoned suggestions from stakeholders submitted to the designated email address with sender contact details, and notes that the committee's recommendations are published on the Ministry website while remaining tribunal-related sections await notification.