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Test: National Company Law Tribunal (NCLT) Part 2 - B Com MCQ


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10 Questions MCQ Test - Test: National Company Law Tribunal (NCLT) Part 2

Test: National Company Law Tribunal (NCLT) Part 2 for B Com 2024 is part of B Com preparation. The Test: National Company Law Tribunal (NCLT) Part 2 questions and answers have been prepared according to the B Com exam syllabus.The Test: National Company Law Tribunal (NCLT) Part 2 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: National Company Law Tribunal (NCLT) Part 2 below.
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Test: National Company Law Tribunal (NCLT) Part 2 - Question 1
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What is the time limit within which an appeal can be filed to the Appellate Tribunal according to Section 421 of the Act?

Detailed Solution for Test: National Company Law Tribunal (NCLT) Part 2 - Question 1
According to Section 421 of the Act, any person aggrieved by an order of the Tribunal may prefer an appeal to the Appellate Tribunal. The appeal needs to be filed within a period of sixty days from the date of receipt of the order of the Tribunal. The Appellate Tribunal may also allow the appeal to be filed within a further period not exceeding sixty days if sufficient cause for delay is shown. This provision ensures that there is a time frame within which appeals need to be filed, promoting timely resolution of disputes.
Test: National Company Law Tribunal (NCLT) Part 2 - Question 2
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Which section of the Act deals with the powers of the Tribunal and the Appellate Tribunal to punish for contempt?

Detailed Solution for Test: National Company Law Tribunal (NCLT) Part 2 - Question 2
Section 425 of the Act contains the provisions regarding the powers of the Tribunal and the Appellate Tribunal to punish for contempt. This section empowers the Tribunal and the Appellate Tribunal with the same jurisdiction and authority as the High Court has in respect of contempt of court. They can exercise the powers under the provisions of the Contempt of Courts Act, 1971, subject to certain modifications. This ensures that the Tribunal and the Appellate Tribunal can maintain their dignity and ensure compliance with their orders.
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Test: National Company Law Tribunal (NCLT) Part 2 - Question 3
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Under Section 428 of the Act, what protection is provided to the Tribunal, the Appellate Tribunal, and their officers for actions taken in good faith?

Detailed Solution for Test: National Company Law Tribunal (NCLT) Part 2 - Question 3
Section 428 of the Act offers protection to the Tribunal, the Appellate Tribunal, their presidents, members, officers, and other employees for any loss or damage caused or likely to be caused by any act that is done or intended to be done in good faith in the discharge of their functions under the Act. This provision ensures that individuals carrying out their duties with good intentions are shielded from legal consequences arising from those actions.
Test: National Company Law Tribunal (NCLT) Part 2 - Question 4
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According to Section 432 of the Act, who can represent a party in proceedings before the Tribunal or the Appellate Tribunal?
Detailed Solution for Test: National Company Law Tribunal (NCLT) Part 2 - Question 4
Section 432 of the Act allows a party to any proceeding or appeal before the Tribunal or the Appellate Tribunal to be represented by various professionals or individuals. This representation can be by legal practitioners, Chartered Accountants, Company Secretaries, Cost Accountants, or any other authorized person. This provision ensures that parties have flexibility in choosing their representatives based on the nature of the case and their specific needs.
Test: National Company Law Tribunal (NCLT) Part 2 - Question 5
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What is the primary purpose of Section 434 of the Act?
Detailed Solution for Test: National Company Law Tribunal (NCLT) Part 2 - Question 5
The primary purpose of Section 434 of the Act is to facilitate the transfer of certain pending matters, proceedings, or cases from other authorities, such as the Company Law Board or courts, to the Tribunal. This section ensures the smooth transition of ongoing cases to the Tribunal, which is responsible for disposing of them according to the provisions of the Act. This transfer helps streamline the resolution of matters related to companies and ensures uniformity in their handling.
Test: National Company Law Tribunal (NCLT) Part 2 - Question 6
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According to Section 429 of the Act, in which circumstances can the Tribunal seek assistance from the Chief Metropolitan Magistrate?
Detailed Solution for Test: National Company Law Tribunal (NCLT) Part 2 - Question 6
Under Section 429 of the Act, the Tribunal can request the Chief Metropolitan Magistrate, Chief Judicial Magistrate, or the District Collector to take possession of company property, books of account, or other documents in proceedings related to a sick company or winding up of another company. The purpose is to ensure proper control over such assets during legal proceedings. The Chief Metropolitan Magistrate, Chief Judicial Magistrate, or the District Collector can use necessary force as deemed necessary to comply with the Tribunal's request.
Test: National Company Law Tribunal (NCLT) Part 2 - Question 7
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Which provision of the Act empowers the Tribunal and the Appellate Tribunal to regulate their own procedure?
Detailed Solution for Test: National Company Law Tribunal (NCLT) Part 2 - Question 7
Section 424 of the Act empowers both the Tribunal and the Appellate Tribunal to regulate their own procedure. While disposing of any proceeding or appeal before them, they are not bound by the procedural rules of the Code of Civil Procedure, 1908. Instead, they are guided by the principles of natural justice. This provision grants flexibility to the Tribunal and the Appellate Tribunal in how they conduct their proceedings, ensuring that justice is served effectively.
Test: National Company Law Tribunal (NCLT) Part 2 - Question 8
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According to Section 431 of the Act, what effect does a vacancy or defect in the constitution of the Tribunal or Appellate Tribunal have on their acts or proceedings?
Detailed Solution for Test: National Company Law Tribunal (NCLT) Part 2 - Question 8
Section 431 of the Act states that no act or proceeding of the Tribunal or the Appellate Tribunal shall be questioned or rendered invalid merely because of the existence of any vacancy or defect in their constitution. This provision ensures that the validity of their acts and proceedings is not compromised due to administrative or staffing changes. It reinforces the importance of the continuity of proceedings and decisions.
Test: National Company Law Tribunal (NCLT) Part 2 - Question 9
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Under which section of the Act is the time frame for disposal of applications, petitions, and appeals by the Tribunal and the Appellate Tribunal mentioned?
Detailed Solution for Test: National Company Law Tribunal (NCLT) Part 2 - Question 9
Section 422 of the Act lays down the provisions for expeditious disposal of applications, petitions, and appeals by both the Tribunal and the Appellate Tribunal. It mandates that every application, petition, or appeal presented before them must be dealt with and disposed of as expeditiously as possible. The aim is to ensure that matters are resolved within three months from the date of presentation or filing. This provision emphasizes the importance of timely resolution of legal proceedings.
Test: National Company Law Tribunal (NCLT) Part 2 - Question 10
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According to Section 433 of the Act, which law's provisions apply to proceedings or appeals before the Tribunal or the Appellate Tribunal?
Detailed Solution for Test: National Company Law Tribunal (NCLT) Part 2 - Question 10
Section 433 of the Act states that the provisions of the Limitation Act, 1963, shall apply to proceedings or appeals before the Tribunal or the Appellate Tribunal, as far as may be. This means that the time limits and regulations specified in the Limitation Act will govern the filing of proceedings and appeals before these bodies. The inclusion of this provision ensures consistency in terms of timeframes and deadlines in legal matters related to the
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