Examples of National Company in a sentence
Notwithstanding anything stated in this Agreement, the Lender is authorized to take all actions under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Xxxxxxxx Xxx, 0000 (“SARFAESI Act”), and/or under debt recovery tribunals and/or under National Company Law Tribunal or at any other forum permitted by the Indian judiciary system from time to time.
It has clarified the scope of powers of the Committee of Creditors ( CoC) of a corporate debtor and has set aside the order of the National Company Law Appellate Tribunal (NCLAT) by which decisions of the CoC of Essar Steel were modified/set aside.
Essar Steel was admitted for insolvency resolution under the Code before the National Company Law Tribunal, Ahmedabad bench (NCLT) in August 2017, after the Reserve Bank of India identified it as one of the 12 companies whose mounting non-performing assets were severely impacting the banking system in India.
Upon distribution of non-cash assets, any difference between the carrying amount of the liability and the carrying amount of the assets distributed is recognised in the statement of profit and loss or directly in the equity as approved by the National Company Law Tribunal / applicable regulatory or other authority.
On 17th October, 2017, the National Company Law Tribunal, Kolkata Bench, in Company Petition No. 03/KB/2017 ordered for liquidation of the Company.