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Currently, India has one NCLAT and 11 NCLT benches. NCLT has 22 members – 16 judicial members and six technical members. Experts said each NCLT should have at least four members. The government may set up three more NCLT benches as the number of companies referred to bankruptcy court rises, ET reported last month.
NCLT is a resolution, and not a recovery mechanism. That was not the idea at all. In NCLT-Jaypee process, homebuyers asked to be treated as 'creditors'. We have two kinds of creditors - operational and financial.
The constitution of the National Company Law Tribunal and the National Company Law Appellate Tribunal is a paradigm shift with the intention of establishing a specialized forum to adjudicate all disputes/issues pertaining to companies in India. The tribunals have been made effective from 1 June 2016.
The NCLT or “Tribunal” is a quasi-judicial authority created under the Companies Act, 2013 to handle corporate civil disputes arising under the Act. It is formed for correcting the errors made by the Tribunal. It is an intermediate appellate forum where the appeals lie after order of the Tribunal.
The Banking Ombudsman Scheme is an expeditious and inexpensive forum for bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995. Presently the Banking Ombudsman Scheme 2006 (As amended upto July 1, 2017) is in operation.
The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services covered under the grounds of complaint specified under Clause 8 of the Banking Ombudsman Scheme 2006 (As amended upto July 1, 2017).
As on date, twenty Banking Ombudsmen have been appointed with their offices located mostly in state capitals . The addresses and contact details of the Banking Ombudsman offices have been provided under Annex I of the Scheme.
All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme.
Yes. The complainant can be filed by one s authorized representative (other than an advocate).
No. The Banking Ombudsman does not charge any fee for filing and resolving customers’ complaints.
The amount, if any, to be paid by the bank to the complainant by way of compensation for any loss suffered by the complainant is limited to the amount arising directly out of the act or omission of the bank or 20 lakhs ( Two Million), whichever is lower.
The Banking Ombudsman may award compensation not exceeding 1 lakh (₹ One Hundred Thousand) to the complainant for mental agony and harassment. The Banking Ombudsman will take into account the loss of the complainant's time, expenses incurred by the complainant, harassment and mental anguish suffered by the complainant while passing such award.
One can file the appeal against the award or decision of the Banking Ombudsman rejecting the complaint within 30 days of the date of receipt of the Award, The Appellate Authority may, if he/ she is satisfied that the applicant had sufficient cause for not making an application for appeal within time, also allow a further period not exceeding 30 days.
The appellate authority may: