The adjudicating authority for insolvency issues of a Company/LLP is the NCLT and National Company Law Appellate Tribunal (NCLAT), and for individuals and partnership firms, it is the extant DRT and Debt Recovery Appellate Tribunal (DRAT). Both NCLAT and DRAT will hear appeals from the order of NCLT and DRT respectively.
As per the Bankruptcy Law, when a loan default occurs, either the borrower or the lender approaches the NCLT or DRT (Debt Recovery Tribunal) for initiating the resolution process. The Code provides two options if a firm files insolvency: first is an Insolvency Resolution Process, during which creditors assess whether the debtor’s financial position is viable for him to continue and if so, they have to search options for the rescue of the firm. The second option is liquidation. The Company Law Board is the previous mechanism and is dissolved with the establishment of NCLT.
The Central Government has constituted National Company Law Tribunal (NCLT) under section 408 of the Companies Act, 2013 (18 of 2013) w.e.f. 01st June 2016.
In the first phase the Ministry of Corporate Affairs have set up eleven Benches, one Principal Bench at New Delhi and one each Regional Benches at New Delhi, Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai. These Benches will be headed by the President and 16 Judicial Members and 09 Technical Members at different locations. Hon'ble Chief Justice Shri Mahesh Mittal Kuma is the first President of NCLT.
The National Company Law Appellate Tribunal (NCLAT) has been constituted by central government under section 410 of the companies Act, 2013 for hearing appeals against the orders of the tribunal with effect from 1 june 2016. Hon'ble Justice Shri S.J. MUKHOPADHAYA former Judge of the Supreme Court and now the Chairperson of the National Company Law Appellate Tribunal (NCLAT). A ny person aggrieved by an order of the National Company Law Tribunal (NCLT) may prefer an appeal to the appellete tribunal within time prescribe under section 421 of the Companies Act 2013. NCLAT is functioning at New Delhi.
The Department of Expenditure is administering the Public Financial Management System (PFMS), It is proposed as an end-to-end solution for processing payments, tracking, monitoring, accounting, reconciliation and reporting. Financial Data Management Centre is to be started with FSDC.
Project Disha is by Airport Authority of India.
Project Insight is an income tax department initiative to monitor high value transactions.
‘Project SAKSHAM’, is a New Indirect Tax Network (Systems Integration) of the Central Board of Excise and Customs (CBEC). The total project cost involved is Rs.2256 crore which will be incurred over a period of seven years. It will help in:
SWIFT: Single Window Interface for Facilitating Trade (SWIFT) provides a single-point interface for clearance and is expected to reduce documentation and costs. It is expected to cover and benefit over 97 per cent of India’s imports. Importers will not need to run around to get approvals from multiple government agencies for their consignments. To make life easier for millions of importers, the Central Board of Excise and Customs. (CBEC) has launched ‘SWIFT’, an initiative to speed up clearances for consignments and improve ‘ease of doing business.’
DISHA is a project undertaken by the Airport Authority of India with the objective to improve the operational efficiency and overall travel experience of the passengers. The acronym DISHA, which stands for 'Driving Improvements in Service and Hospitality at Airports,' has been currently launched at 10 AAI airports across the country.