A class action suit in India can be filed against a company, its directors, auditors, or advisors under Section 245 of the Companies Act, 2013, before the National Company Law Tribunal (NCLT) when affairs are managed in a manner prejudicial to the interests of members or depositors. The NCLT has recently admitted a significant ₹2,500-crore class action … Read more
The Corporate Insolvency Resolution Process (CIRP) is a time-bound legal mechanism under India’s Insolvency and Bankruptcy Code (IBC) for resolving financially distressed companies, aiming to revive them through restructuring or orderly liquidation to repay creditors. Initiated by creditors or the company itself via the National Company Law Tribunal (NCLT), it involves appointing a Resolution Professional … Read more
The National Company Law Tribunal (NCLT) oversees liquidation proceedings in India as the adjudicating authority under the Insolvency and Bankruptcy Code, 2016 (IBC). Liquidation is the final step in winding up a company’s affairs when revival is not possible, involving the sale of assets and distribution of proceeds to stakeholders. This is a case digest … Read more
An Application for Initiation of Corporate Insolvency Resolution Process (CIRP) is a formal request filed with the National Company Law Tribunal (NCLT) by a creditor or the corporate debtor itself, under India’s Insolvency and Bankruptcy Code (IBC), to resolve a company’s debt issues, typically using specific forms (like Form 1, 2, 3, 4 for financial … Read more
In this case, we will cover and give an overview of the case Corporate Bank Vs Firestar International Limited and it will give you a brief yet precise outline regarding all the major facts and issues involved in this particular case which basically revolves around claiming and repayment of dues. The judgement is based on … Read more
To revive a struck-off company from the NCLT (National Company Law Tribunal), you must file a petition (Form NCLT-9) within 20 years, proving the strike-off was unjustified by showing ongoing business/assets and submitting required documents like MOA, financials, and ROC notice, followed by NCLT hearings and compliance with directions for overdue filings. The process involves … Read more
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