Adjudicating Authority
The Adjudicating Authority refers to a quasi-judicial body established under various laws in India, including the Insolvency and Bankruptcy Code, 2016 (IBC), Prevention of Money Laundering Act, 2002 (PMLA), and Foreign Exchange Management Act, 1999 (FEMA). The Adjudicating Authority is responsible for adjudicating and deciding upon matters related to the enforcement of these laws.
Under the IBC, the Adjudicating Authority is responsible for adjudicating on matters related to corporate insolvency resolution processes, liquidation processes, and other related matters. The Authority is headed by a Chairperson who is appointed by the Central Government and is assisted by two or more Members who are appointed by the Central Government on the recommendation of a selection committee.
Under the PMLA, the Adjudicating Authority is responsible for adjudicating and deciding upon matters related to the confiscation of proceeds of crime, imposition of penalties, and other related matters. The Authority is headed by a Chairperson who is appointed by the Central Government and is assisted by two or more Members who are appointed by the Central Government.
Under FEMA, the Adjudicating Authority is responsible for adjudicating and deciding upon matters related to contraventions of FEMA provisions, imposition of penalties, and other related matters. The Authority is headed by a Director who is appointed by the Central Government and is assisted by other officers who are appointed by the Central Government.
Overall, the Adjudicating Authority plays an important role in enforcing various laws in India and ensuring that the interests of stakeholders are protected. The Authority operates independently and is responsible for making decisions based on the facts and circumstances of each case, in accordance with the provisions of the relevant law.
NCLAT Delhi holds that Non-Reply to Demand Notice under Section 8 does not preclude the Corporate Debtor to bring relevant materials establish that there are pre-existing disputes
By Saurabh Gandhi
Case:
M/s. Brand Realty Services Ltd. Versus M/s. Sir John Bakeries India Pvt. Ltd.
Court/Tribunal:
National Company Law Appellate Tribunal (NCLAT), New Delhi
Coram:
Justice Ashok Bhushan, Chairperson
Dr. Alok Srivastava, Member (Technical)
Counsel:
For Appellant: Mr. Pankaj Agarwal, Advocate.
For Respondent: Mr. Nishant Awana, Mr. Devansh Malhotra, Advocates
Date of order: