TaxTMI 
TaxTMI 
Standard Operating Procedure (SOP) for Nodal Officer for Monitoring National Company Law Tribunal (NCLT) cases of Import in JNCH, Nhava- Sheva
X X X X Extracts X X X X
X X X X Extracts X X X X
....ncy. IBC, 2016 handles the insolvency proceedings cases through Tribunals i.e NCLT and Appellate Tribunal NCLAT. The code recognizes different types of creditors :- Financial Creditors, Operational Creditors and Other Creditors. Each of these has been given different rights and powers. Financial Creditors are those "Whose relationship with the entity is a pure financial contract, such as a loan or a debt security while Operational creditors are those whose liability from the entity comes from a transaction on Operations" 2. Section 5(21) of the Code defines an Operational debt as "a claim in respect of the provisions of goods or services including employment or a debt in respect of the payment of dues arising under any law for the timer ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... days if instructed to do so by a resolution passed at a meeting of the Committee of creditors by a vote of sixty-six percent of the voting shares. On receipt of an application if the Adjudicating Authority is satisfied that the subject matter of the case is such that the corporate insolvency resolution process cannot be completed within 180 days by a such further period as it thinks fit, but not exceeding 90 days, provided that any extension of the period of corporate insolvency resolution process under this section shall not be granted more than once. After the expiry of 180 days (or 270 days as the case may be). In the event, a resolution plan has not been submitted, or if submitted, and rejected under section 31 of the Code or even afte....
X X X X Extracts X X X X
X X X X Extracts X X X X
....oval of ninety percent voting share of the committee of creditors. Considering that the proceeding is primarily carried on behalf of and for the benefit of stakeholders of the corporate debtor the section stipulates two layers of consent. While it is understood that this is the sole requisite is the consent of the majority of creditors, the ultimate authority to permit to withdraw or not to permit vests with the Adjudicating Authority. 4. It has been observed that the cases pending at NCLT & NCLAT are not being monitored properly and timely action is not initiated in respect of new applications filed with NCLT/NCLAT. Therefore, in the interest of protection of Government Revenue and to make the entire process smooth and effective, a NCLT....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nsolvency Resolution Process (CIRP). p. NCLT/NCLAT Cell shall take all necessary action to represent the department before Resolution Professional/NCLT/NCLAT to ensure the protection and realization of Government Revenue. q. The cell shall be responsible to take any further action if any orders are issued by NCLT/NCLAT with respect to resolution, liquidation and withdrawal of the application. r. The cell should verify from www.ibbi.gov.in/orders/nclt to check if any orders are issued by NCLT with respect to resolution, liquidation and withdrawal of the application and the same should be updated in the database accordingly. s. A monthly list of all such cases is to be submitted by Commissioner, NS-V to the....