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Case Study On CLB And NCLT

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COMPARATIVE STUDY ON CLB AND NCLT

INTRODUCTION
In the corporate field of our country, Judicial Forums started to play a very important role in the life of a company The Central Government started to take initiative by bringing effecting changes in Corporate Laws so that they meet the required needs of the society from time to time.. Companies had to change according to the growing needs of the society so as create value and enhance wealth for all their stakeholders which not only include the equity shareholders and debenture holders but also the others (i.e.) fixed deposit holders, Banks, Term Lending Institutions, vendors, consumers and public at large.
From the beginning when this Companies Bill, 1997 was placed before the Parliament, the Central Government started to bring significant changes in the Companies Act, 1956 (Act). In fact the
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6) Jurisdiction of civil procedure code:
The CLB hasn’t expressly mentioned its exclusion from the jurisdiction of civil procedure code but the companies Act 2013 expressly mentioned the exclusion of the jurisdiction of civil procedure code under Sec 430.
7). Amicus curiae: The Draft National Company Law Tribunal Rules, 2013 enable the NCLT to appoint Amicus Curiae for opinion on various specialised legal issues which was lacking in CLB.
8) Jurisdiction:
Provisions relating to to mergers, restructuring and winding-up the NCLT, once fully functional, will consolidate the corporate jurisdiction of
• The CLB;
• The Board of Industrial and Financial Reconstruction;
• The Appellate Authority for Industrial and Financial Reconstruction and;
• The Jurisdiction and powers relating to winding up, restructuring and other such provisions, currently vested in the High Courts.
Once notified, the provisions relating to mergers, restructuring and winding up will no longer be under the jurisdiction of the High Court.
Position under companies Act
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