{"id":293536,"date":"2023-05-31T18:30:20","date_gmt":"2023-05-31T13:00:20","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=293536"},"modified":"2023-05-31T15:09:24","modified_gmt":"2023-05-31T09:39:24","slug":"nclat-modified-imposed-cost-on-being-highly-excessive-scc-blog-legal-research-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/05\/31\/nclat-modified-imposed-cost-on-being-highly-excessive-scc-blog-legal-research-news\/","title":{"rendered":"NCLAT modifies Rs Ten Lakh cost for being highly excessive"},"content":{"rendered":"
\n

National Company Law Appellate Tribunal, Chennai:<\/b> While disposing off the present appeal in less than 30 days, a Division bench comprising of Rakesh Kumar Jain, J., and Shreesha Merla (Technical Member), modified the amount of cost imposed by the NCLT from Rs. 10,00,000\/- to Rs. 1,00,000\/-.<\/p>\n

In the instant matter, the NCLT vide order dated 26-04-2023, imposed a cost of Rs. 10,00,000\/- (Ten Lakhs) for the restoration of appellant’s company name in the register maintained by the Registrar of Companies (RoC). Aggrieved by the order passed by the Adjudicating Authority, the appellant preferred the present appeal before the NCLAT challenging the same.<\/p>\n

The appellant contended that the appellant failed to file the returns with RoC due to the negligence on the part of independent auditors and therefore, filed the application before the NCLT seeking restoration of appellant’s company name in the register maintained by the RoC. The appellant further contended that the appellant’s company is carrying on its business for the same purpose it was incorporated. On the other hand, the respondent contended that though they agree with the imposition of the cost on the appellant but at the same time they cannot justify the imposition of such a huge cost in the given facts and circumstances of this case.<\/p>\n

The NCLAT observed that in the light of facts and circumstances of the present case, the imposition of cost of Rs. 10,00,000\/- is highly excessive. The NCLAT modified the amount of cost from Rs. 10,00,000\/- to Rs. 1,00,000\/.<\/p>\n

[Jaiguhan Venture Properties (P) Ltd. v. Registrar of Companies, Chennai, CA (AT) (CH) No. 46 of 2023, order dated -01-2023<\/span>]<\/p>\n\n

Advocates who appeared in this case :<\/p>\n

Mr. CS K. Gaurav Kumar, Counsel for the Appellant;<\/p>\n

Mr. Avinash Krishnan Ravi, Counsel for the Respondent.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

While speedily and effectively disposing off the present appeal, the NCLAT modified the imposed cost from Rs. 10,00,000\/- to Rs. 1,00,000\/- for the restoration of the company’s name in the register maintained by the ROC.<\/i><\/p>\n","protected":false},"author":67514,"featured_media":293392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[5561,5861,30182,22014,12521,58075,39964],"class_list":["post-293536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-cost","tag-modification","tag-national-company-law-appellate-tribunal","tag-nclat","tag-nclt","tag-restoration-of-name","tag-roc"],"yoast_head":"\nModification of cost imposed from Ten Lakh to One Lakh on being highly excessive: NCLAT | SCC Blog<\/title>\n<meta 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M, Judicial Member and Kanthi Narahari, Technical Member, held that \u2018Reduction of Capital\u2019 is a \u2018Domestic Affair\u2019 of a particular company in which, ordinary, a Tribunal will not interfere because of the reason that it is a\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":233029,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/07\/29\/nclat-provides-relief-to-companies-by-easing-way-to-exit-from-corporate-insolvency-resolution-process\/","url_meta":{"origin":293536,"position":3},"title":"NCLAT provides relief to companies by easing way to exit from corporate insolvency resolution process","author":"Editor","date":"July 29, 2020","format":false,"excerpt":"National Company Law Appellate Tribunal: Justice Bansi Lal Bhat (Acting Chairperson), Justice Anant Bijay Singh (Member, Judicial), Dr Ashok Kumar Mishra (Member, Technical), decided to reject the appeal of the appellant by making way for companies to pull out of ongoing corporate insolvency resolution process (CIRP). Vivek Bansal (Appellant) and\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":271825,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/18\/reduction-of-share-capital-is-a-matter-of-domestic-concern-nclat-confirms-reduction-of-the-share-capital-approved-by-the-shareholders-of-precious-energy-services-ltd\/","url_meta":{"origin":293536,"position":4},"title":"“Reduction of Share Capital is a matter of domestic concern”; NCLAT confirms reduction of the share capital approved by the shareholders of Precious Energy Services Ltd.","author":"Editor","date":"August 18, 2022","format":false,"excerpt":"\u00a0 \u00a0 National Company Law Appellate Tribunal (NCLAT): While deciding the instant appeal filed by Precious Energy Services Ltd., against the order of NCLT holding the reduction of share capital to be against the interests of the company; the Bench of Justice Anant Bijay Singh (Judicial Member) and Shreesha Merla\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":297687,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/07\/26\/irp-rp-cannot-seek-unpaid-fees-costs-members-corporate-debtor-insolvency-nclat-scc-blog-legal-news\/","url_meta":{"origin":293536,"position":5},"title":"In project wise insolvency, IRP\/RP cannot seek unpaid Fees\/Costs from members of CoCs of another project of Corporate Debtor: NCLAT","author":"Ritu","date":"July 26, 2023","format":false,"excerpt":"The NCLAT held that the appellant has no Locus Standi to make claim for any unpaid Fees\/Costs from the members of the CoCs, as he is neither the RP in the project nor is connected with another project.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"national company law appellate tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/293536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67514"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=293536"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/293536\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/293392"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=293536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=293536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=293536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}