#NCLAT Lawyer in Delhi

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NCLAT Lawyer in Delhi: Your Guide to Legal Expertise for Corporate and Insolvency Matters

When businesses in India face corporate disputes or insolvency challenges, turning to a seasoned NCLAT Lawyer in Delhi can be a critical step toward securing favorable outcomes. The National Company Law Appellate Tribunal (NCLAT) is a specialized tribunal that handles appeals against decisions made by the National Company Law Tribunal (NCLT), focusing on insolvency, corporate law, and related matters. Whether you're a corporate entity or an individual facing legal complexities in these areas, choosing the right lawyer in Delhi can significantly impact the resolution of your case.

In this article, we’ll delve into the significance of NCLAT, the role of a lawyer specializing in NCLAT cases, and how to choose the best NCLAT lawyer in Delhi to represent your interests.

Understanding NCLAT and Its Importance

The National Company Law Appellate Tribunal (NCLAT) is the highest appellate body for matters related to corporate disputes, insolvency proceedings, and company law in India. Established under the Insolvency and Bankruptcy Code (IBC), the NCLAT has the authority to hear appeals against the orders passed by the NCLT. Its decisions are crucial in shaping the legal landscape for companies, creditors, and stakeholders involved in financial distress.

The NCLAT handles several critical functions, such as:

- Appeals in Insolvency and Bankruptcy Cases: If a company or individual is dissatisfied with the NCLT’s ruling on insolvency proceedings, the NCLAT provides a forum for appeals.

- Corporate Governance Disputes: Issues related to shareholder disputes, fraud, mismanagement, and violations of company law are heard in the NCLAT.

- Regulation of Insolvency Professionals: The tribunal also addresses issues related to insolvency professionals, ensuring the smooth operation of insolvency proceedings.

Given the complexity of these issues, a skilled NCLAT lawyer in Delhi is necessary to navigate the intricacies of the tribunal’s procedures, argue your case effectively, and protect your legal rights.

Why You Need an NCLAT Lawyer in Delhi

Dealing with an appeal at the NCLAT level requires expertise in corporate law, insolvency law, and tribunal procedures. Here are a few reasons why hiring an NCLAT lawyer in Delhi is essential:

1. Expertise in Insolvency and Corporate Law: NCLAT cases often involve highly specialized areas of law. A lawyer with expertise in insolvency law, corporate governance, and bankruptcy procedures is crucial for presenting a strong case before the tribunal.

2. In-depth Knowledge of NCLAT Procedures: NCLAT follows specific legal procedures for filing appeals, submitting evidence, and representing clients. A lawyer familiar with these processes can streamline your case and avoid procedural errors that could harm your position.

3. Strategic Case Handling: NCLAT cases require an in-depth understanding of legal strategies, including legal precedents, case laws, and tribunal precedents. A qualified NCLAT lawyer can craft a strategy tailored to your case, enhancing your chances of success.

4. Effective Representation: Representation before the NCLAT demands strong advocacy skills. An experienced lawyer can present your arguments persuasively, cross-examine witnesses, and highlight crucial evidence, which can make a significant difference in the outcome of your case.

5. Timely and Proper Documentation: Filing an appeal with the NCLAT involves preparing extensive legal documents, including written submissions, affidavits, and supporting evidence. A skilled NCLAT lawyer ensures that all documentation is accurate, complete, and submitted on time.

Key Qualities of an Experienced NCLAT Lawyer in Delhi

When choosing an NCLAT lawyer in Delhi, it is important to look for specific qualities that will enhance your chances of success. Here are some of the essential traits to look for:

1. Specialized Knowledge in NCLAT and Corporate Law: The lawyer should have expertise in the laws governing corporate disputes, insolvency, and the functioning of the NCLAT. Their experience should include successfully handling appeals at the NCLAT level.

2. Proven Track Record: A lawyer with a proven track record of successful cases at the NCLAT is likely to offer the best chance of achieving a favorable outcome. You should ask for case studies or references to understand their experience and success rate.

3. Strong Analytical and Communication Skills: The ability to analyze complex legal issues and communicate them effectively is crucial in NCLAT proceedings. A good lawyer should be able to simplify complex legal arguments and present them in a clear and persuasive manner.

4. Client-Centered Approach: The best NCLAT lawyers prioritize the interests of their clients and offer tailored legal solutions. They should take the time to understand your specific situation and offer advice based on your needs and goals.

5. Timeliness and Efficiency: NCLAT cases often have strict timelines, and delays can significantly affect your case. A reliable lawyer will ensure that deadlines are met and work efficiently to avoid unnecessary delays.

How to Find the Best NCLAT Lawyer in Delhi

To find the right NCLAT lawyer in Delhi, consider the following steps:

1. Research Online: Start by researching NCLAT lawyers in Delhi through online directories, law firm websites, and reviews from previous clients. Many law firms have a dedicated section for NCLAT matters and showcase their expertise in handling corporate disputes and insolvency cases.

2. Check Qualifications and Experience: Ensure the lawyer has the relevant qualifications, certifications, and experience in handling NCLAT appeals. A lawyer with experience in both NCLT and NCLAT matters will be especially valuable.

3. Consult Multiple Lawyers: Don't settle for the first lawyer you find. Consult with multiple lawyers to gauge their expertise, communication style, and understanding of your case. This will help you make a well-informed decision.

4. Discuss Fees: Ensure that you have a clear understanding of the lawyer’s fee structure. Some lawyers may charge a fixed fee, while others may charge based on the complexity of the case.

5. Read Client Reviews: Look for client reviews and testimonials to understand how past clients have benefited from the lawyer's services. This can provide valuable insight into their ability to deliver results.

Conclusion

Navigating the complexities of an NCLAT case can be daunting, but with the right NCLAT lawyer in Delhi, you can rest assured that your case is in capable hands. Whether you’re dealing with insolvency, corporate governance disputes, or appeals against NCLT orders, a qualified lawyer can provide the expertise and strategic approach needed to succeed in the NCLAT.

By selecting a lawyer with the right qualifications, experience, and client-centered approach, you can improve your chances of achieving a favorable outcome in your NCLAT case. Make sure to invest time and effort in finding the right lawyer, as their expertise can make all the difference in your legal journey.

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Sattva Legal is a leading law firms in the Delhi High Court that offers expert representation in criminal law, companies, and NCLAT cases. With a staff of seasoned lawyers, Sattva Legal is a well-known legal firm that provides both people and corporations with strategic counsel and representation. When you need effective legal assistance with NCLAT appeals, criminal defense, or corporate problems, you can count on Sattva Legal.

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Empowering Your Business Journey with Vishvas Law Offices

Welcome to Vishvas Law Offices, your trusted partner in navigating the intricate legal landscape of corporate affairs. In the bustling city of Delhi, where businesses thrive and competition is fierce, having a reliable legal ally can make all the difference. Let's explore how our specialized services can empower your business growth and ensure legal compliance every step of the way.

Navigating the NCLT with Confidence

When it comes to matters of insolvency and corporate restructuring, having a proficient NCLT Lawyer near me is crucial. At Vishvas Law Offices, we specialize in representing clients before the National Company Law Tribunal (NCLT) with expertise and diligence. Our team is dedicated to providing strategic counsel and robust representation, ensuring that your interests are protected and your objectives achieved.

Expert Advocacy at NCLAT

In the intricate realm of corporate law, having access to an experienced NCLAT Lawyer in Delhi can be a game-changer. At Vishvas Law Offices, our skilled advocates possess a deep understanding of the National Company Law Appellate Tribunal (NCLAT) and are committed to providing effective advocacy. Whether you're appealing a decision or seeking legal recourse, our team is here to navigate the complexities and secure favorable outcomes for your business.

Guidance Tailored for Startups

For startups embarking on their entrepreneurial journey, having a reliable Startup advisor is essential. At Vishvas Law Offices, we offer comprehensive legal support tailored to the unique needs of startups. From entity formation to drafting agreements and protecting intellectual property, our dedicated team is here to provide guidance and support every step of the way.

Streamlined Business Incorporation

Establishing a new business entity requires careful planning and execution. With the assistance of a skilled Business incorporation lawyer Delhi, you can navigate the incorporation process with confidence. At Vishvas Law Offices, we offer personalized guidance to ensure that your business is set up for success and complies with all regulatory requirements.

Trusted Partner in Corporate Law

In today's competitive business environment, having access to reliable legal counsel is essential. As a leading Company law firm Delhi, Vishvas Law Offices offers a wide range of legal services tailored to meet the diverse needs of corporations. Whether you're seeking assistance with corporate governance, regulatory compliance, or contractual matters, our team is here to provide expert guidance and support.

Proactive Legal Advisory Services

Timely legal advice can be the key to mitigating risks and seizing opportunities in the business world. At Vishvas Law Offices, we offer proactive Legal advisory services Delhi aimed at empowering businesses to make informed decisions. Our experienced advisors provide strategic insights and practical solutions to help you navigate legal complexities with confidence.

Navigating Mergers & Acquisitions with Ease

Mergers and acquisitions (M&A) are complex transactions that require careful planning and execution. With the assistance of a skilled Mergers & Acquisition lawyer, you can navigate these processes with confidence. At Vishvas Law Offices, our M&A specialists offer comprehensive support, from due diligence to negotiation and closing, ensuring a seamless and successful outcome for your business.

Ensuring Corporate Governance Compliance

Effective corporate governance is essential for maintaining transparency, accountability, and investor confidence. As a trusted Company Secretary near me, Vishvas Law Offices provides expert guidance on governance best practices and regulatory compliance. Our comprehensive services help businesses uphold integrity and navigate legal and regulatory challenges effectively.

Comprehensive Representation at NCLAT

Whether you're facing a legal dispute or seeking proactive legal counsel, Vishvas Law Offices is your trusted partner for comprehensive representation. Our skilled NCLAT Advocate services are tailored to meet your specific needs, ensuring that your rights are protected and your interests advanced. With our unwavering commitment to excellence, we strive to achieve the best possible outcomes for our clients.

Conclusion: Partnering for Success

In conclusion, Vishvas Law Offices is committed to empowering businesses to navigate the complexities of corporate law and achieve their growth objectives. With our expertise, dedication, and personalized approach, we serve as your trusted legal partner every step of the way. Contact us today to embark on a journey of legal excellence and business success!

[ssassociateslaw]

The Companies Act 1956 has been replaced by new Companies Act of 2013. It has brought several changes in the corporate practice in India. For the Corporate lawyers in Delhi it has brought several challenges. Company Law Board has been abolished. National Company Law Tribunal has been set up. NCLAT has also been set up to hear company appeal. Company jurisdiction of High Courts has been abolished due to changes in new Companies Act, 2013. Find the best specialised lawyers in litigation before the NCLT (National Company Law Tribunal). Verified lawyer for NCLT at your fingertips with detailed profiles & user reviews.

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Corporate Litigation lawyers in Delhi

 If you are seeking experienced legal representation in connection with your litigation matter before any legal forum such as Supreme & High Courts; Tribunals including DRT, NCLT, NCLAT, SEBI etc. , assisting in creating legal strategy to manage the legal affairs of your company, or for any legal issues, please contact us admin@equicorplegal.com or by telephone at +91 8448824659.

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We are providing best NCLAT lawyers in Delhi. For more details call: 9899829509 or visit our website- https://www.sscorporatelawhouse.com/

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The best team of our NCLAT Lawyers in Delhi strive to deliver relevant legal services to our clients that guarantee permanent & perfect solutions for them.We comprise a team of experienced & skilled  Top Insolvency And Bankruptcy Lawyer in Delhi, engaged in representing.clients.

Visit here:- http://www.imfaceplate.com/kmalawoffice/nclat-lawyers-are-great-aid-for-insolvency-and-bankruptcy-cases Call Us:-9870270979

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NEW DELHI: Cyrus Mistry has won backing from a tribunal to be reinstated as executive chairman of Tata Sons, the holding company behind Indian conglomerate Tata Group, lawyers said on Wednesday, knocking shares in group companies.

Mistry has been embroiled in a legal battle with Tata Group since being ousted in 2016 over charges of shareholder oppression and mismanagement.

Tata Sons has four weeks to file an appeal with India’s top court over the ruling of the quasi-judicial National Company Law Appellate Tribunal (NCLAT), one of the lawyers said.

Mistry called the judgment “a victory for the principles of good governance and minority shareholder rights”.

“The outcome of the appeal is a vindication of my stand taken when the then board of Tata Sons, without warning or reason, removed me, first as the executive chairman and subsequently as a director of Tata Sons,” Mistry said in a statement.

“I believe it is now time that all of us work together for sustainable growth and development of the Tata Group.”

Tata Sons did not immediately respond to a request for comment.

Shares in group company Tata Motors fell 3%, Tata Global Beverages nearly 4% and Indian Hotels Company finished nearly 3% lower.

Mistry had also contested his removal as chairman and alleged inappropriate interference in the company’s affairs by family patriarch and the conglomerate’s former chairman, Ratan Tata.

The NCLAT two-judge bench in its ruling deemed the appointment of current Tata Sons chairman N Chandrasekaran illegal and asked Ratan Tata not to interfere, one of the lawyers said.

Tata Group is one of India’s oldest and biggest conglomerates with interests in sectors including technology, steel and automobiles.

The clash between Mistry and Ratan Tata has been one of the most high-profile and publicly fought corporate battles in India.

Mistry is a scion of the Shapoorji Pallonji family that holds a minority stake in Tata Group.

Tata Trusts, a group of public charities, owns a controlling 66% stake in holding company Tata Sons and is chaired by Ratan Tata.

The post Tribunal backs Mistry’s reinstatement at Tata Sons appeared first on ARY NEWS.

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IL&FS: NCLAT stays proceedings against IL&FS, group companies

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) on Monday stayed all proceedings against IL&FS and other group companies till its further order.

The appellate tribunal order came over an urgent petition moved by the Ministry of Corporate Affairs after the Mumbai bench of NCLT had turned down its plea for 90 days moratorium over the loans taken by the IL&FS and its subsidiaries.

A two-member NCLAT bench headed by Justice S J Mukhopadhaya has asked the top five lenders of IL&FS to submit their replies over the government’s plea for 90 days moratorium.

“Until further orders there should be stay of any proceedings by any parties against IL&FS and its 348 subsidiaries in any court of law or tribunal,” said NCLAT.

The appellate tribunal has directed to list the matter on November 13 for next hearing.

The government had requested the National Company Law Tribunal (NCLT) to restrain other creditors of IL&FS from filing suits, in the case of non-repayment of loans.

IL&FS’ lawyer argued the company would face 70 to 80 legal suits across the country if the moratorium was not granted.

This moratorium would help the new board to create a speedier resolution plan for the debt-laden company.

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Empowering Your Business Growth: Vishvas Law Offices at Your Service

Embarking on the journey of entrepreneurship or managing an established corporation often entails navigating a maze of legal intricacies. In such a landscape, having a reliable legal partner becomes imperative. Welcome to Vishvas Law Offices, your trusted ally in conquering the legal challenges that accompany business endeavors. Let's delve into how our array of specialized services can empower your business growth and success.

Navigating the NCLT Landscape

When confronted with issues of insolvency or corporate restructuring, having a seasoned NCLT Lawyer near me can make all the difference. At Vishvas Law Offices, we specialize in navigating the National Company Law Tribunal (NCLT) with finesse and expertise. Our team is committed to providing robust representation and strategic counsel, ensuring that your interests are protected and your objectives achieved.

Expert Advocacy at NCLAT

In the dynamic realm of corporate law, having access to a proficient NCLAT Lawyer in Delhi is invaluable. At Vishvas Law Offices, our skilled advocates bring extensive experience and deep knowledge of the National Company Law Appellate Tribunal (NCLAT) to the table. Whether you're appealing a decision or seeking legal recourse, our team is dedicated to providing effective advocacy and securing favorable outcomes.

Empowering Startups with Strategic Guidance

For startups navigating the complexities of business inception, having a trusted Startup advisor is essential. At Vishvas Law Offices, we offer tailored legal support to empower startups on their journey to success. From entity formation to intellectual property protection, our comprehensive services enable startups to navigate legal hurdles with confidence and focus on achieving their vision.

Seamless Business Incorporation Process

Establishing a new business entity requires meticulous planning and execution. With the assistance of a skilled Business incorporation lawyer Delhi, you can streamline the incorporation process and ensure compliance with regulatory requirements. At Vishvas Law Offices, our experts provide personalized guidance, enabling you to lay a solid foundation for your business endeavors.

Your Reliable Partner in Corporate Law

In the ever-evolving landscape of corporate governance, having a trusted legal partner is essential. As a leading Company law firm Delhi, Vishvas Law Offices offers a wide spectrum of legal services tailored to meet the diverse needs of corporations. Whether it's regulatory compliance, contract negotiation, or dispute resolution, our team is dedicated to delivering tailored solutions that drive success and mitigate risk.

Proactive Legal Advisory Services

In the fast-paced business environment, timely legal advice can be a game-changer. At Vishvas Law Offices, we offer proactive Legal advisory services Delhi aimed at empowering businesses to make informed decisions. Our seasoned advisors provide strategic insights and risk assessments, enabling clients to navigate legal complexities with clarity and confidence.

Navigating Complex Mergers & Acquisitions

Mergers and acquisitions present unique challenges that demand specialized expertise. With a skilled Mergers & Acquisition lawyer by your side, you can navigate these intricate transactions with ease. At Vishvas Law Offices, our M&A specialists offer comprehensive support, from due diligence to negotiation and integration, ensuring a seamless and successful transition for your business.

Ensuring Corporate Governance Compliance

Effective corporate governance is the cornerstone of organizational success. As a trusted Company Secretary near me, Vishvas Law Offices provides expert guidance on governance best practices and regulatory compliance. Our comprehensive services help businesses uphold integrity and accountability, thereby fostering long-term success and stakeholder confidence.

Comprehensive Representation at NCLAT

Whether you're facing a legal dispute or seeking proactive legal counsel, Vishvas Law Offices is your trusted partner for comprehensive representation. Our skilled NCLAT Advocate services are tailored to meet your specific needs, ensuring that your rights are protected and your interests advanced. With our unwavering commitment to excellence, we strive to achieve favorable outcomes for our clients.

Conclusion: Partnering for Success

In conclusion, Vishvas Law Offices is dedicated to empowering businesses to navigate the complexities of corporate law and unlock their full potential. With our expertise, dedication, and personalized approach, we empower clients to overcome legal challenges and achieve their business objectives with confidence. Contact us today to embark on a journey of legal excellence and success!

[ssassociateslaw]

The Companies Act 1956 has been replaced by new Companies Act of 2013. It has brought several changes in the corporate practice in India. For the Corporate lawyers in Delhi it has brought several challenges. Company Law Board has been abolished. National Company Law Tribunal has been set up. NCLAT has also been set up to hear company appeal. Company jurisdiction of High Courts has been abolished due to changes in new Companies Act, 2013. Visit our website to find lawyer for NCLT.

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Commerce and Law: A successful love marriage- A Webinar Brief

This article is written by Aditya Singh, from Symbiosis Law School, Noida.

The guest for this seminar was Sumit Kansal, who is a Corporate and Commercial lawyer based in New Delhi and his office name is Kansal Law Chambers, before practicing as an advocate in the Supreme Court he was a practicing Charted Accountant for an almost a decade. He got 96% in his 12th boards and was the State topper after which he completed his Graduation in the year 2010 from Shri Ram College of Commerce pursuing his CA degree along with his graduation in the very first year and completed his CA in 2011 in his first attempt, he is also a gold medalist in his law.

The host for this seminar was Ankit Vaid, who is a Senior Growth Consultant and Startup Growth Hacker at LawSikho which is a leading online company in India providing education through specialized courses and offering specialized and practical training in law. They bridge the gap in legal education between theory and practice through their custom training methods.

Q1. What was his first experience after completing Graduation and Charted Accountancy?

A1. After completing his Graduation, he was preparing for his CA attempt. At the time of his Completion of graduation he had completed his CA-Inter by then, which was known as Professional Competence Course (PCC), his final course was still remaining and his Article ship training was about to end. Once he completed his CA degree, he gave interviews and was campus placed with ICI with EY and he joined Ernst & Young.

He was in the Statutory Audit division of EY in Gurgaon and he worked with them for 1 year. He soon realized that auditing was not his Cup of Tea and since the very beginning he had more inclination towards E-Taxation and Company Law part of CA. It was then when he decided to go for studying full-fledged law. Since he was a young CA therefore, he did his CA practice accordingly, and, in the evening he attended his law classes. Though he had gotten into Delhi University and also got a very good rank in CLC but he later decided to complete his law from Punjab University in Chandigarh only and was a part of the 2013-16 batch there.

Q2. One of the most interesting cases he has encountered to date?

A2. One of his most interesting cases was that he was recently in NCLAT and he was appearing for the insolvency professional and IP of Ahmedabad. His side of the case was very strong and the other Counsel was representing the suspended directors of an insolvent company and the opposite Counsel was begging to the court, he was folding hands, so Justice Mukhopadhyay was there and he said that please don��t beg before the court.  he said that you should win with a lot of self-esteem and courage and also to lose with courage.  this is important because sometimes we feel that failure is there and we are not able to achieve this but all this is a part of life as at least from this you learn.  this is always true especially for Chartered Accountancy and law also.  CA study and law profession are both tough, when one group is left many people, he himself thought in the final year that it is a tough and difficult course.

But once you become a chartered accountant it becomes a little comfortable,  but the life of a lawyer is very hectic, one might lose certain cases you win certain cases, ups and downs are there in the career, situations like Covid-19 are there which is proving to be very difficult for them and even some are losing courage, but these are all phases of life.

                             Click Above

Q3. Is it necessary for litigation to have a CA degree?

A3. If somebody is going for becoming a corporate or a commercial lawyer, the CA course per se is not mandatory but it is recommended as it is useful and CA delves into the hard-core subjects of finance, of Commerce, of Corporate laws, of auditing or of forensics which is very useful. However, if somebody is not a CA it is not a precondition. A student from a science or medical background will obviously have difficulty in reading a balance sheet but if you are a bachelor in commerce or perhaps you are a CS inter that’s why are you can easily go in such kind of practice.

Q4. The most prominent tax lawyers of India such as Mr. Nani Palikhivala or Mr. Arvind P. Datar were not CA’s, so if a lawyer is not a CA how can he take up his taxation or corporate law practice? What is the importance of the commerce stream and Can a student of science or arts stream practice tax law?

A4. A degree which is in CA CS or CMA or any diploma which even LawSikho provides taxation courses contract law drafting courses these are important. but law is a field that includes both procedural as well as substantive law the lawyers are very well versed with the procedural laws but for substantive laws they definitely have to read. Taxation law is not an easy subject you have to delve deep, you have to put into certain years of practice, you have to find your niche,  then only you can make a for the difference between a lawyer who is a CA and one who is not.

Tax Law is a difficult kind of law difficult in the sense because you deal with numbers you deal with calculations and at the same time, you deal with an interpretation of the law which in itself is humongous and a very complex law so a student who does not have a Commerce background therefore suggested and will feel difficult to go into tax practice and a student who is a Commerce graduate he will understand much better as to what is a balance sheet, what is a P&L, what are the financial statements, what is the basic procedure or system of audit at least he will have certain idea understand what is the difference between a cash system and an accrual system in this way he gets a good grip and can read some Income Tax also in his graduation.

Q5. What is the importance of an internship, if one wants to pursue tax law or corporate law, as all they do is not litigation part but mostly the compliance or the bookkeeping part?

A5. Compliance part of an internship is the basic groundwork part, for example, if we take criminal law you will be a good lawyer if you know about the trials in the Civil Courts, another example is if you want to do NCLT litigation and if you know how a company is incorporated, what is MOA,  what is articles of association, if you know the board minutes then you get a good grasp over NCLT matters. Similarly, tax compliance filing of Returns if it is done or a senior gives you it is a very good kind of thing it should be taken in the right stride and the interns need to have a little patience as they need to learn the nuances of the taxation practice they need to know what are salaries, what are capital gains, what are PGBP, how is a charitable trust functioning, how are the different returns for a Charitable Trust or a company or a salary filed, because the case moves from the assessing officer level which is the income tax officer and then it elevates towards the Commissioner of Income Tax appeals which are the fact-finding authorities wherein the CS go and then it goes to the ITAT and from there to the High Court and Supreme Court so unless they have that base it is very useful which is why the seniors knowingly give these kinds of work to the juniors. 

Q6. Where does the role of a Chartered Accountant and a Lawyer differ and which practice is more rewarding?

A6. A Chartered Accountant can go to the Income Tax Appellate Tribunal and the CSTAT now which is the GST Tribunal we cannot go to the High Court for which there is a license which is the license of Bar Council of India and CA has the certificate of practice (CA-COP). So, a CA would be having very good knowledge about return filing about assessment procedures what is Section 142 its working and all the ground level part and he can argue in its favor and if he has a good knowledge about the law part then it is effective. As far as the lawyers are concerned, he knows well about the laws what is the Indian Evidence act, what is the limitation act, how to peruse the judgments so he can be instrumental there.

As regards to the question as to what is more rewarding according to the guest speaker none of the practices are good none of the practice is bad both are very esteemed professions you can gain a lot of money and lot of ethical work you can do it solely depends upon your competency and upon your skillset.

Q7. Is the company secretary also a good option for law students to pursue?

A7. As far as CS is concerned, we can do the compliance part well he can do the filings on the MCA, formation of company, preparation of memorandum, articles, registration din which is the director identification number.  it is again not mandatory but only recommendatory but if you have an inclination towards the company law side of the corporate practice then go for CS  if you have an inclination towards taxation side then CA would be preferable because in CA both the direct and the indirect taxes are dealt with at vast and the SEBI regulations, FEMA guidelines and the matters related to shareholders are dealt by CS.

Q8. Tax and crimes relating to black money and money laundering.

A8. For white-collar crimes we have the Benami law we have PMLA we have black money, in these laws if you have a good base with taxation then only you can very well function in the black money act.  money laundering is something which is earned through some illegal activity and then that money is Routed into something which is shown as legal for example in a Hawala transaction there is some illegal activity going on and tomorrow that money is invested in a plot or a residential house and rent is earned out of it would seem as if it is a legal kind of thing. Here the knowledge of Income Tax, knowledge of legalities, knowledge of the prevention of money laundering act, all culminates into one which is why taxation and legal knowledge go hand in hand here.

Q9. What is the importance of drafting in tax matters?

A9. It is very instrumental and important many CA struggle at this as there are notices coming from income tax officers to which they are not able to reply in a good manner, as they are good with numbers they know the technical skills well but to write it on paper in a simplified language which is in consonance with the question put up by the AO gets difficult for them  and here lawyers can play a good role.  drafting is a thing which is learned over time and with practice and this is not the case with just taxation drafting but with any kind of law, for example, the matter on hand is about Professional misconduct of Chartered Accountants, lots of CAs these days are getting notices from the Institute of Chartered Accountants of India. So, in these kinds of matters the drafting is done in a different manner because it is not a court as such it is an administrative body. Therefore, knowledge of what is professional misconduct, what is merely a negligence whether it amounts to professional misconduct or not all this comes into play and is necessary to have knowledge about drafting.

Q10. If a lawyer has to give an opinion to a client on tax-related matters what should be the basics of those drafts?

A10. First, understand what is the matter, for example, a client of the guest speaker had a matter relating to the merger of two entities and he wanted to know about the MAT applicability which is the Minimum Alternate Tax as given under the Income Tax Act so it’s such a matter is in hand start reading the bare act and see where it falls further read the rules connected to it and the commentaries explaining them and then make your opinion it can be for one page or half page.  then read some good articles on that opinion compare that article with your opinion see what is the difference in the opinion see if your opinion is legally correct and if it is legally correct and your belief system says that it is good for your client to go with that opinion.

Q11. How a can lawyer without any CA or CS qualification can understand finance as most of the lawyers do not have such qualifications?

A11. It will become difficult if you don’t have any kind of background and if you don’t know what is the difference between cash and accrual system web between profit and loss account what is authorized capital what is issued capital, subscribed capital, paid-up capital. In this situation, a lawyer can do some courses on these subjects of 2-3months course. 

 At LawSikho for example in their corporate taxation course, they are very comprehensive from basic to advanced level and they have included all the parts like compliance, drafting and litigation related to both indirect and direct taxes so a student will have an interlinked study between the direct and the indirect taxes as they have designed their corporate taxation course in that way.

Q12. If a law student wants to get into a law firm what are the various areas in Corporate law in which he/she can practice?

A.12 There is corporate advisory, mergers, and acquisitions which also includes restructuring, then there are matters relating to IPR which is broadly covered under corporate practice only and under Intellectual property rights also there are several fields such as trademarks, copyrights, and patents and then there is Banking Law under which Banking and Insurance matters relating to IRDA  then there is capital markets advisory these are matters relating to the  SEBI regulations which are the Securities Tribunal Act matters this can be the different practice areas as far as Corporate law is concerned.

LawSikho has created a telegram group for exchanging legal knowledge, referrals and various opportunities. You can click on this link and join:

https://t.me/joinchat/J_0YrBa4IBSHdpuTfQO_sA

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 Original Content Source Here:

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[legalseat]

NCLAT Settles the Fate of Proceedings under Section 138 of the NI Act during Bankruptcy

[Aayush Mitruka is a lawyer based in Delhi]

The National Company Law Appellate Tribunal (the NCLAT) settled a very important question of law under the Insolvency and Bankruptcy Code, 2016 (the Code) which has been troubling practitioners. The question whether proceedings filed under section 138 of the Negotiable Instruments Act, 1881 (the NI Act) against the corporate debtor will be stalled pursuant to a moratorium imposed under section 14 of the Code has been lingering for some time without any authoritative pronouncement. The question has now been answered by the NCLAT in Shah Brothers Ispat Private Limitedv.P Mohanraj & Others.

On the facts of the case, the appellant who had initiated a corporate insolvency resolution process against the corporate debtor (viz. Diamond Engineering Chennai Private Limited) had also filed a complaint against the corporate debtor and its directors under section 138 of the NI Act. The corporate debtor and its directors moved the National Company Law Tribunal, Chennai (NCLT) and prayed that appellants be ordered to withdraw the case in light of the pending corporate insolvency resolution process. The NCLT ordered in favour of the respondents and directed the appellants to withdraw the compliant case, treating it as a proceeding filed after the order of moratorium. The NCLT in its short order observed that such action amounts to a deliberate attempt to violate the order of moratorium on the part of the appellants and a sheer misuse of the process of law. Notably, the NCLT did not discuss the rationale and contours of section 14 of the Code while arriving at its decision.

On appeal, the NCLAT overturned the NCLT’s order and observed the following:

“6. We do not agree with such submission as Section 138 is a penal provision, which empowers the court of competent jurisdiction to pass order of imprisonment or fine, which cannot be held to be proceeding or any judgment or decree of money claim. Imposition of fine cannot held to be a money claim or recovery against the Corporate Debtor nor order of imprisonment, if passed by the court of competent jurisdiction on the Directors, they cannot come within the purview of Section 14. Infact no criminal proceeding is covered under Section 14 of I&B Code.

7. The Adjudicating Authority having failed to appreciate law, we have no option but to set aside the impugned order dated 24th May, 2018 passed in MA/102/IB/2018 in CP/507/IB/2017. The court of competent jurisdiction may proceed with the proceeding under Section 138 of NI Act, even during the period of moratorium.”

In a post written on this Blog in September last year, I had discussed this question of law and had argued that such proceedings ought to be kept outside the purview of section 14 (i.e. moratorium) of the Code in light of its legislative intent. Whilst the NCLAT has put to rest an important question, there are several other looming issues and questions which are of concern to the legal community and other stakeholders. It can only be hoped that such issues will be ironed out in the days to come.

– Aayush Mitruka

The post NCLAT Settles the Fate of Proceedings under Section 138 of the NI Act during Bankruptcy appeared first on IndiaCorpLaw.

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[m-n-a-critique]

Tribunals dismiss Macquarie Bank's insolvency petition against Uttam Galva Metallics

Tribunals dismiss #MacquarieBank's insolvency petition against #UttamGalvaMetallics

The National Company Law Appellate Tribunal in Delhi has upheld a Chandigarh NCLT order dismissing Macquarie Bank’s insolvency petition against Uttam Galva Metallics on the grounds that the Australian lender was not registered locally also that the Insolvency and Bankruptcy notice was not issued by an “operational creditor’, but by a Singapore lawyer.

In an order dated July 17, NCLAT said that…