Govt. revise tenure of Justice (Retd.) Shri A.I.S. Cheema as Judicial Member NCLAT

Govt. revise tenure of Justice (Retd.) Shri A.I.S. Cheema as Judicial Member NCLAT for four years. Shri Venugopal M, Judicial Member, NCLAT to act as Chairperson NCLAT

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 2nd November, 2021

S.O. 4607(E).—In continuation of this Ministry’s notifications S.O. 3855(E) dated 28th October, 2020 and S.O. 96(E) dated 05th January, 2021, the Central Government hereby revise the tenure of Justice (Retd.) Shri A.I.S. Cheema as Judicial Member, National Company Law Appellate Tribunal (NCLAT) as four years or till the attaining the age of 67 years, whichever is earlier in terms of Section 5 of the Tribunal Reforms Act, 2021. Further, in pursuance of Order of Hon’ble Supreme Court dated 16.09.2021 in WP (C) 1027/2021, the period from 11.09.2021 to 20.09.2021 will be included as part of continuous service of Justice (Retired) Shri. A.I.S. Cheema, Judicial Member as the officiating Chairperson with all service benefits as a special case, and he is allowed to work as the officiating Chairperson upto 20.09.2021 to enable him to pronounce the judgements prepared by him, considering the peculiar facts and circumstances. This shall not be treated as a precedent.

[F. No. A-40012/1/2020-Ad.IV]

GYANESHWAR KUMAR SINGH, Jt. Secy.

Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O. 3864(E), dated the 11th December, 2017

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 2nd November, 2021

S.O. 4608(E).—Consequent on the completion of the term of office of Justice (Retd.) Shri A.I.S. Cheema, Member (Judicial), NCLAT as officiating Chairperson, NCLAT on 10.09.2021, Justice (Retd.) Shri Venugopal M, Judicial Member, NCLAT, will act as Chairperson, NCLAT for a period of three months with effect from 11.09.2021 or till appointment of regular Chairperson or until further orders, whichever is the earliest.

[F. No. A-40012/1/2020-Ad.IV]

GYANESHWAR KUMAR SINGH, Jt. Secy

• Prima facie satisfaction u/s 148 can not be a non-existing or incorrect information
• Mutual Funds to value physical Gold and Silver by using the polled spot prices
• SC allows simultaneous CIRP proceedings against principal debtor & corporate guarantor
• Merely because sales were declared for only one month, same cannot be treated as bogus
• ITAT deleted addition as method of accounting had been accepted in earlier years