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REPORTING ON STRUCK DOWN COMPANIES REVIVED BY NCLT

Reporting on Struck Down Companies Revived by NCLT." The National Company Law Tribunal (NCLT) has been playing a crucial role in the resurrection of companies that were previously struck down due to financial distress or other reasons. <br><br>So, let's dive into the world of struck down companies and their resurrection through the NCLT.<br>

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REPORTING ON STRUCK DOWN COMPANIES REVIVED BY NCLT

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  1. Reporting On Struck Down Companies Revived By NCLT

  2. Introduction • Reporting on Struck Down Companies Revived by NCLT." The National Company Law Tribunal (NCLT) has been playing a crucial role in the resurrection of companies that were previously struck down due to financial distress or other reasons. • So, let's dive into the world of struck down companies and their resurrection through the NCLT.

  3. NCLT Revival Process

  4. Reporting on Revived Companies

  5. Real-life examples of struck down companies that have been successfully revived by the NCLT. • Electrosteel Steels Limited: • Nature of business: Steel manufacturing • Reasons for downfall: Accumulated debt, economic slowdown, and mismanagement • NCLT intervention: In 2018, Electrosteel Steels went into insolvency proceedings, and the NCLT approved the resolution plan submitted by Vedanta Limited, an Indian multinational mining company. • Positive outcomes: The revival of Electrosteel Steels resulted in the company resuming operations, protecting the jobs of its employees, and providing relief to its creditors. It also contributed to the growth of the steel industry and the overall economy. • Monnet Ispat and Energy Limited: • Nature of business: Steel manufacturing • Reasons for downfall: High debt burden, financial mismanagement, and economic challenges • NCLT intervention: In 2018, the NCLT approved a resolution plan submitted by a consortium led by AION Capital Partners, a joint venture between Apollo Global Management and ICICI Venture • Positive outcomes: The revival of Monnet Ispat and Energy Limited led to the retention of jobs for thousands of employees, the repayment of dues to creditors, and the restoration of production activities. It also played a role in the growth and stability of the steel sector.

  6. Contetra Can Help • Strike that is A service that helps you get the details of “STRUCK OFF” companies, for hassle-free compliance with the new mandatorydisclosure requirement of schedule III. • Contetra provides solution for below two steps only by using below tool- Step 1- Step 2- Receive the output in recordtime (powered by our AI-enabled tool that scrapes throughMCA website for you – leaving noroom for manual errors) Upload your list MCA Struck Off  Vendors /supplierswith their GST numbers (whichis easily available with everyfinance team). For those vendorswhere GST number is not available,our tool can also do a PAN or CINbased search.

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