The Insolvency and Bankruptcy Board of India has suggested certain modifications to address the problems encountered by real estate projects. Real estate projects should be required to register with the Real Estate Regulatory Authority (RERA), according to suggestions made by the IBBI. Additionally, the authority has recommended that homeowners’ properties remain outside the liquidation process.
To ease the bankruptcy process, the IBBI has suggested the following five modifications. The modifications include creating a distinct account for every real estate project, granting the Committee of Creditors permission to execute a lease or sublease agreement while the matter is pending, and giving the CoC access to review and recommend distinct plans for every project.
IBBI has invited public feedback on the proposed revisions. Homeowners whose investments stagnate in unfinished projects will likely benefit from the proposed amendments.
Concerning the NCLT (National Company Law Tribunal)
In India, the National Company Law Tribunal has proven to be a reliable mechanism for resolving disputes between homebuyers and real estate builders in many cases. The Insolvency and Bankruptcy Code of 2016 required the National Company Law Tribunal to handle cases involving real estate developers’ bankruptcy and insolvency, even though the Real Estate Regulatory Authority (RERA) was in place in most states.
Full-Form of NCLT
Those unfamiliar with the NCLT might be interested in learning what the NCLT Full Form comprises. The full name of the National Company Law Tribunal is NCLT. Every month, the National Company Law Tribunal publishes an NCLT Cause List that includes information about the parties, case, and state of resolution. The website for NCLT is https://nclt.gov.in/.
A quasi-judicial body that primarily handles disagreements and matters about Indian companies and corporations is the National Company Law Tribunal. The 2013 Companies Act established the tribunal in 2016.
The NCLT is involved in the agreements, compromises, arbitrations, reconstructions, divestitures, and business winding up. The Companies Act of India grants the National Company Law Tribunal the authority it requires to carry out its duties. Under the 2016 Insolvency and Bankruptcy Code, the National Company Law Tribunal acts as the deciding authority for cases involving companies and Limited Liability Partnerships (LLPs).
Main Purposes of NCLT
The following are the principal roles of NCLT:
- Registration of Companies: NCLT can challenge a company’s legitimacy during the registration and incorporation method. NCLT is also able to revoke the company’s registration.
- Transfer of shares: The NCLT hears complaints from businesses that have had their requests to transfer shares and securities denied.
- Deposits: If a depositor has concerns, they can contact NCLT to request an omissions remedy.
- The power to investigate has the power to order an investigation.
- Asset freezing: When a company is the subject of an investigation, the assets may be frozen and used later.
- Changing a public limited company into a private limited company: NCLT approval is needed if someone wishes to change a company’s status from public to private.
The NCLT Cause List: What is it?
To hear cases of the companies, NCLT periodically publishes a list of cases known as the “NCLT Cause List.” The NCLT Cause list is nothing more than a calendar of the cases presently due for hearing on a given day. The NCLT Cause List order follows in holding the hearing.
Names of the Parties, counsel for the petitioner/ applicant, counsel for the respondent, remarks, serial number, CP number, CA/IA number, purpose, section, and rule are among the fields in the NCLT Cause list.
How can I access the NCLT Cause list on the Internet?
The NCLT Cause list includes the hearing schedule and the details of the parties to the dispute. To check the NCLT Cause List online, follow the mentioned steps-
- Visit https://nclt.gov.in/, the National Company Law Tribunal’s website.
- Select the “Cause List” tab from the website’s home page.
- You will see a page open with a “PDF Cause List.”
- It’s possible to look up the cause list from any NCLT branch in this window. The date range is another option.
- Select “Search” from the menu. You will see a list of the “NCLT Cause List.”