The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that plays a crucial role in corporate insolvency resolution. It was established under the Companies Act, 2013, and has various benches across the country, including Kolkata.
When a company is unable to pay its debts and is declared insolvent, it can approach the NCLT for resolution. The NCLT follows a fast-track process for corporate insolvency resolution, which involves appointing a resolution professional to manage the affairs of the company and find a suitable resolution.
In Kolkata, there are several NCLT lawyers who specialize in fast-track corporate insolvency resolution. These lawyers have extensive knowledge and experience in dealing with insolvency cases and can provide valuable guidance and representation to companies going through the resolution process.
One of the key roles of NCLT lawyers in Kolkata is to file insolvency applications on behalf of the company seeking resolution. This involves preparing and submitting all the necessary documents and ensuring compliance with the relevant laws and regulations.
NCLT lawyers also assist in the appointment of a resolution professional, who takes charge of managing the affairs of the company during the resolution process. The lawyer helps in identifying a suitable resolution professional and ensures that they have the necessary qualifications and experience.
During the resolution process, NCLT lawyers play a crucial role in representing the company’s interests before the NCLT. They present arguments and evidence to support the company’s case and ensure that its rights are protected throughout the process.
Additionally, NCLT lawyers in Kolkata assist in negotiating and finalizing resolution plans with the creditors and other stakeholders. They help in analyzing the financial position of the company, exploring various resolution options, and negotiating with the creditors to reach a favorable outcome for the company.
Furthermore, NCLT lawyers also provide legal advice and guidance to the resolution professional appointed by the NCLT. They help in interpreting and understanding the legal provisions related to insolvency resolution and ensure that the resolution professional acts in accordance with the law.
In conclusion, NCLT lawyers in Kolkata play a vital role in fast-track corporate insolvency resolution. They assist companies in filing insolvency applications, appointing resolution professionals, representing their interests before the NCLT, negotiating resolution plans, and providing legal advice throughout the process. Their expertise and experience are invaluable in ensuring a smooth and successful resolution for companies facing financial distress.