NCLT is an important forum for adjudication of disputes between shareholders. Drafting petitions/applications and representing clients before NCLT forms the core of any corporate practice. Solutions to complicated issues revolving around Inter se shareholders dispute, oppression and mismanagement, share transfer disputes, insolvency applications, mergers and acquisitions require an immense amount of mastery over the Company laws, government notifications as well as procedural laws of the tribunal. Such mastery is only acquired through experience in handling the said matters
The creation of NCLT has undoubtedly streamlined the process for the business community. However, this has inadvertently led to a paradigm shift in the way corporate laws and related litigation was dealt with, in India.
The NCLT and lawyers are facing the uphill task of channelizing this huge load in such a way so as to not disrupt business functioning. Therefore, the role of the legal community has increased in the sense that the advent of NCLT requires a very broad understanding of very specific laws