Govt seeks applications to fill judicial, technical member posts at NCLT
PrintListen to this Article
The NCLT has been constituted under the Companies Act, which is being implemented by the corporate affairs ministry.
The last date for filling the online applications for the vacancies is September 14.
In April and May, the ministry had sought applications for 4 and 12 positions of judicial and technical members, respectively, in the tribunal. The new vacancies are in place of the earlier ones.
The circulars also said that those who have already applied earlier "are not required to apply again as their existing application shall be considered for the purpose".
The tribunal has 11 benches in different parts of the country.
"The selected candidates will be required to serve at any of the already constituted NCLT benches or benches to be constituted in future in different parts of the country in a phased manner with all India transfer liability as per availability of the vacancies/ exigencies of work," they added.
A large number of cases related to insolvency are coming up before the NCLT.
Under the Insolvency and Bankruptcy Code (IBC), proceedings can commence only after approval of the NCLT. The final resolution plan should also get the tribunal's nod.
For appointment as a judicial member, the applicant has to be a judge of a High Court or a district judge for at least five years or been an advocate of a court for not less than ten years.
With regard to technical member, the person has to be, for at least 15 years, a member of the Indian Corporate Law Service or Indian Legal Service and been holding the rank of secretary or additional secretary to the Government of India or has been in practice as a chartered accountant or a cost accountant for not less than 15 years, among others.
For the appointment to either of the positions, the applicant should be 50 years of age and the selected candidates will hold the office for a period of five years with the option of being reappointed for another term of similar duration. #casansaar (Source - MoneyControl)
Category : Insolvent Professional | Comments : 0 | Hits : 952
The National Company Law Tribunal (NCLT) on Monday ordered insolvency proceedings against media baron Subhash Chandra on a plea filed by Indiabulls Housing Finance. A two-member Delhi bench of the NCLT directed initiation of personal insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL) Chairman Emeritus Chandra, who was a guarantor for a loan given to Essel group firm Vivek Infracon Ltd. The NCLT bench, consisting members Ashok K Bhardwaj and Subrata K Das,...
IBBI invites suggestions to simplify, ease & reduce cost of compliance of Regulations notified under IBC
The Insolvency and Bankruptcy Board of India (IBBI) invites suggestions/comments from public and regulated entities, on the Regulations for simplifying, easing and reducing cost of compliance. The suggestions are invited in pursuance of the announcement made in the Union Budget for FY 2023-24 by the Union Finance Minister: “To simplify, ease and reduce cost of compliance, financial sector regulators will be requested to carry out a comprehensive review of existing regulations. For th...
Govt considers giving financial creditor status to insurers issuing surety bond during resolution
To make surety bond business more attractive, the government is looking at making relevant changes in the Insolvency and Bankruptcy Code (IBC) to consider insurers as financial creditor in case of default of infra projects. The surety bond issued by a general insurance company is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee). The surety is a company that provides the fina...
The National Company Law Tribunal Delhi recently observed that the Insolvency and Bankruptcy Code cannot be used as a recovery tool. “We are of the view that in the present case the applicants are already having demands drafts of amount exceeding the defaulted amount in this petition and moreover IBC cannot be used as a tool for recovery; the settlement has been arrived between the parties. The amount has been paid in excess of the default amount and Ld. Counsel for the applicant has al...
India’s turbulent aviation sector will likely see another player go belly up with Go First of the Wadias filing for voluntary insolvency before the National Company Law Tribunal (NCLT). The budget carrier said it is cancelling all flights on May 3, 4, and 5 and will refund the full fares to the passengers. The Directorate General of Civil Aviation (DGCA) has questioned the cancellation and issued a show-cause to the airline. Go First has been asked to submit its response within 24 ho...
Comments