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What is the role of NCLT in corporate insolvency resolution?
The National Company Law Tribunal (NCLT) is a specialized forum in India that is critical in corporate insolvency resolution. As per the Insolvency and Bankruptcy Code (IBC), 2016, the NCLT adjudicates insolvency and liquidation proceedings against corporate debtors. The role of NCLT lawyers in corporate insolvency resolution is paramount. The NCLT lawyers help the clients navigate the complex insolvency proceedings and ensure that their interests are safeguarded at every step of the process. They assist in drafting and filing the insolvency petition, representing the clients before the NCLT, and negotiating with creditors and other stakeholders. The NCLT lawyers also help in the formation and functioning of the committee of creditors (CoC), which is responsible for approving or rejecting the resolution plan submitted by the resolution applicant. They assist the CoC in evaluating the feasibility and viability of the resolution plan and ensure that it is in the best interests of all stakeholders. Furthermore, NCLT lawyers play a crucial role in the liquidation proceedings of corporate debtors. They help appoint a liquidator, the realization of assets, and distribution of proceeds to the stakeholders as per the priority specified in the IBC. NCLT lawyers play a vital role in corporate insolvency resolution in India. They help clients navigate complex insolvency proceedings and ensure that their interests are safeguarded at every step of the process. Their expertise is crucial in ensuring the smooth functioning of the insolvency and liquidation proceedings and the protection of the rights of all stakeholders involved.
What are the Procedures for restoring struck- off companies?
File a petition with tribunal in form NCLT-9 along with following documents: Affidavit verifying the petition in form no. NCLT-6 All the documents as mentioned above in support of the petition. Copt of application shall also be served to ROC and income tax department not less than 14 days before the date fixed for hearing of application. ROC may send his report to NCLT as to his comment and views on the restoration of company. NCLT after hearing all the parties may give an order for restoration of company in register of companies. Company is required to file order of NCLT to ROC within 30 days from the date of receipt of order. Company should file all the order of NCLT to ROC within 30 days from the date of receipt of order. Company should file all the pending financial statements and annual returns with ROC within the time prescribed by tribunal, if any At the end ROC will restore the company in the Register of Companies. Note: The revival of struck off companies may be done for a period of twenty years following the date of the strike-off as a replacement for winding up business. Any person who feels wronged by a register’s order, the company, a member, a creditor, or a worker may file an appeal or application
What is a Winding up Petition & does it come under NCLT law?
The process by which a corporation's assets are gathered and sold to satisfy its obligations is known as "winding up" or "liquidation of a firm." After all debts, costs, and expenses have been paid off, any money left over is divided among the company's shareholders. The company is formally dissolved and ceases to exist once the winding-up is complete. Winding up entails appointing a liquidator to sell off the company's assets, distribute the revenues to the creditors, and submit a dissolution request to the NCLT law. Dissolution refers to entirely dissolving the business. Any additional operations cannot be carried out under the company name. A contributing has the right to file a petition to dissolve a company, even if he or she is the owner of fully paid-up shares or the firm has no assets at all or none left over to distribute to its stockholders after satisfying its debts. Choosing a liquidator to sell the company's assets, distribute the money to the creditors, and submit a dissolution request to the NCLT is known as winding up. Dissolution refers to the entire dissolution of the business. The company name cannot be used for any other transactions. A contributing has the right to file a petition to dissolve a company, even if he or she is the owner of fully paid-up shares or the company has no assets at all or none left over after paying its debts.
What coins were issued in Australia in 1986?
Australia issued the following coins in 1986 - 1, 2, 5, 10, 20 and 50 cent coins were only issued in mint packs, not for general circulation. The 1 Dollar coins was the International Year of Peace commemorative and was the only general circulation coin issued in Australia in 1986. There were also a few Non-Circulating Legal Tender (NCLT) coins issued including $10 and $200 commemoratives.
What are the procedure for revival of Struck off companies as per Companies Act, 2013?
The following is the procedure for revival of struck off Companies: Preparation & filing of Petition The petition under for the restoration of name of struck Company shall be filed with the National Company Law Tribunal (NCLT) within a period of 3 years from the date of Strike off. Service of the petition to Respondents A copy of the application shall be served on the Registrar of Companies and on such other persons as the Tribunal may direct either by hand or post with proper receipt, not less than 14 days before the date fixed for hearing of the application. Hearing the Petition NCLT shall hear the Petitioner and Respondent (ROC). It will also take note of the observations/ objections, if any, received. After hearing Both the Parties, if it is satisfied that struck off company is not a defunct company, it can order the restoration of name of company in the record of the ROC. Directions by Tribunal Where the Tribunal makes an order restoring the name of a company in the register of companies, the order shall direct that – The appellant shall deliver a certified copy to the Registrar of Companies within thirty days from the date of the order; On such delivery, the Registrar of Companies do, in his official name and seal, publish the order in the Official Gazette; the appellant shall pay to the Registrar of Companies costs as directed by Tribunal. The company shall file pending financial statements and annual returns with the Registrar and pay required fee within such time as may be directed by the Tribunal. Filing of NCLT order with ROC The Company shall file the copy of order with Registrar of Companies within a period of 30 days from the date of the order. The company shall file pending financial statements and annual returns with the Registrar with additional fee and comply with the requirements of the Companies Act, 2013 in this regard.
What coins are made at the Perth Mint Australia?
The Royal Australian Mint (RAM) is in Canberra and has the sole responsibility of minting all of Australia's circulating coins. The Perth Mint is wholly owned by the Western Australian Government and is operated by Gold Corporation. The Perth Mint produces much of Australia's bullion coins, most of the Non-Circulating Legal Tender (NCLT) coins for Australia and many other products including nuggets, medals, medallions, and produces precious metal blanks for other mints. It is Australia's only major gold refiner and one of the largest in the world. The Perth Mint also carries out similar work for other countries.
How do you know where Australian coins are minted?
The short and easy answer is, get hold of the "Pocket Guide to Australian Coins and Banknotes" by Greg McDonald, 16th edition or better. Years ago, there was a complicated system of mintmarks including letters which indicated the mint or a dot before or after, above or below certain features on the coin. These days, it is a little simpler but much more difficult to spot if you do not know what to look for. Since 1984 all coins are minted at the Royal Australian Mint (RAM), Canberra. Those pre-1984 coins not minted at the RAM, Canberra, will have a small mark somewhere on the reverse indicating where they were minted. Usually, Non-Circulating Legal Tender (NCLT) coins minted at the Royal Australian Mint Canberra will have a "C" mintmark on them.
Which member of the royal family opened the Royal Australian Mint?
The Royal Australian Mint (RAM) Canberra has the sole responsibility for minting all of Australia's general circulation coins. The Royal Australian Mint (RAM) Canberra and the Perth Mint between them, mints all of Australia's Non-Circulating Legal Tender (NCLT) coins plus a variety of medals, medallions and other similar products.
What is The Process of Revival of Struck Off Companies Simplified by RegisterKaro?
Reviving a struck-off company can be a complex and daunting process, but RegisterKaro has streamlined and simplified this procedure to ensure a smooth and efficient restoration. Here’s a comprehensive overview of how RegisterKaro facilitates the revival of struck-off companies: Understanding Struck-Off Status: A company may be struck off by the Registrar of Companies (RoC) due to non-compliance with regulatory requirements, such as failing to file annual returns or financial statements. Struck-off companies are removed from the official register, effectively ceasing their legal existence. Preliminary Assessment: RegisterKaro initiates the revival process by conducting a thorough preliminary assessment to determine the reasons for the strike-off and the feasibility of restoration. Experts at RegisterKaro review the company’s history, compliance records, and financial status to devise a tailored revival strategy. Legal Consultation and Documentation: Legal professionals at RegisterKaro provide comprehensive consultation to the company’s directors and stakeholders, outlining the necessary steps and legal implications of the revival process. The team assists in gathering and preparing essential documents, including the petition for restoration, financial statements, compliance records, and any other requisite forms. Filing the Application: RegisterKaro ensures meticulous preparation and filing of the application for revival with the National Company Law Tribunal (NCLT) or the respective authority. The application includes all necessary documents and justifications for the restoration of the company’s name to the register. Representation and Follow-Up: RegisterKaro provides representation during hearings and proceedings at the NCLT, advocating for the company’s revival. The team maintains regular follow-up with regulatory authorities to track the progress of the application and address any queries or additional requirements promptly. Compliance and Reinstatement: Upon approval of the application by the NCLT, RegisterKaro assists the company in fulfilling any post-approval compliance requirements, such as updating financial records and filing overdue returns. The company’s name is reinstated to the official register, restoring its legal status and enabling it to resume business operations. Post-Revival Support: RegisterKaro offers ongoing support to ensure the company remains compliant with all regulatory requirements, preventing future instances of strike-off. The team provides advisory services on corporate governance, financial management, and statutory compliance to sustain the company’s good standing. By leveraging RegisterKaro’s expertise and streamlined processes, businesses can navigate the complexities of reviving struck-off companies with confidence and ease, ensuring a successful and hassle-free restoration.
One dollar note Australia?
The Australian paper One Hundred Dollar note (grey) was first issued in 1984 and last issued in 1991. For any estimate of value, the serial number and signatories would need to be known.
What is the difference between the Royal Australian Mint and the Perth Mint Australia?
The Royal Australian Mint Canberra has the sole responsibility for minting Australia's circulating coinage and is a part of the Federal Governments' portfolio of the Treasury. The RAM Canberra also mints coins for a surprising number and variety of other countries around the world. The Perth Mint is wholly owned by the Western Australian Government and is operated by Gold Corporation. The Perth Mint produces much of Australia's bullion coins, most of the Non-Circulating Legal Tender (NCLT) coins for Australia and many other products including nuggets, medals, medallions, and produces precious metal blanks for other mints. It is Australia's only major gold refiner and one of the largest in the world. The Perth Mint also carries out similar work for other countries.
Who can apply for Revival?
Following are the persons who can make an appeal in NCLT to restore the company: Company; Any member/ creditor; Workmen. The revival of struck off companies typically involves several steps: Application for Company Restoration: /File an application for company restoration with the appropriate governing body or registrar, providing reasons for revival and paying any outstanding fees or penalties. Court Order (if required): /In some cases, especially if the company was dissolved for a long time or voluntarily struck off, a court order might be necessary for revival. Clearance of Debts and Obligations: /Clear any outstanding debts, taxes, or obligations the company had before dissolution. This might involve settling with creditors or addressing legal requirements. Updated Company Information: /Ensure all company information, such as director details, shareholding structure, and registered.
