S.O. j. The question as to whether the notification dated 24th March, 2020 applies to a particular petition that has been filed prior to the said notification or not is also a question to be determined by the Bench of the NCLT and not by the Registrar of the Tribunal. The Office had registered the Complaint on 05.08.2020. George, ld. 1 Crore – then the suit shall be instituted before High Court. Exceeds Rupees One Crore but does not exceed Rupees Ten Crore. 1227/2021, Taxguru Consultancy & Online Publication LLP, 509, Swapna Siddhi, Akurli Road, Near Railway Station, Kandivali (East), Jurisdiction of NCLT over a particular case cannot be determined by Registrar, Tharakan Web Innovations Pvt. Advance intimation of listing of the said matter shall be given to the Petitioner’s counsel by the Registrar. The Complainant further took an additional security coverage of Rs.13,00,00,000/- (Rupees Thirteen crores only) on 25 th August, 2020 by paying a premium of Rs.1,23,037/- (Rupees One lac twenty three thousand and thirty seven only). The National Company Law Tribunal, Chennai Bench (NCLT) has held that the March 24 Notification issued by the Central Government on enhanced minimum threshold of Rs 1 crore for initiation on insolvency proceedings is prospective in nature. Recognizing the financial difficulties, especially by Medium, Small and Micro Enterprises (MSMEs), as may be faced by corporate debtors in repayment of their dues on account of economic recession caused due to COVID-19, the Central Government had, vide notification no. i. Therefore, we are of the view that the provision of Section 58 (1) (a) (i) of the Act of 2019 are very clear and does not call for any two interpretations. Therefore, amendment in question would 2,72,00,000/- (Approx.) h. Rs. An amount towards ante lite, pendent lite and future interest as the Hon’ble Commission deemed fit. Harish Vaidyanathan, ld. Join our newsletter to stay updated on Taxation and Corporate Law. According to the Complainant, Howrah Region where the Factory Premises of the Complainant is situated was severely hit by heavy rainfall, storm and river water flooding causing extensive coverage of water logging of Howrah Region for several days. Background. It appears that the Parliament, while enacting the Act of 2019 was conscious of this fact and to ensure that Consumer should approach the appropriate Consumer Disputes Redressal Commission whether it is District, State or National only the value of the consideration paid should be taken into consideration while determining the pecuniary jurisdiction and not value of the goods or services and compensation, and that is why a specific provision has been made in Sections 34 (1), 47 (1) (a) (i) and 58 (1) (a) (i) providing for the pecuniary jurisdiction of the District Consumer Disputes Redressal Commission, State Consumer Disputes Redressal Commission and the National Commission respectively. 2021-22 (A.Y. During pronouncement, the Corporate Debtor contended that in view of the March 24 notification, the section 9 application should be dismissed due to a “retrospective” enhancement of NCLT’s pecuniary jurisdiction. Ltd. was that the Registrar of the NCLT has failed to even list their matter before the appropriate bench of NCLT, on the ground that the threshold of the pecuniary jurisdiction of the NCLT has now been amended by a notification dated 24th November, 2020, from Rs.1 lakh, to Rs.1 crore. 9. On the 9 th of August 2019, the Government of India passed a new law called the Consumer Protection Act, 2019, which came into force from 20 th July 2020. Powers of NCLT under the Insolvency and Bankruptcy Code, 2016 NCLT may impose penalty which shall not be less than Rs. That the Complainant seeks financial reliefs on account of financial loss and detriment to the life and livelihood of its stakeholders and for the restoration of the Company. (IB) No.1735/KB/2019 had observed the following: - “The Central Government by notification dated 24.03.2020 enhanced the minimum amount of default limit from one lakh to 1 crore 833 of 2020 against National Insurance Company Ltd., Kolkata, West Bengal and three other Parties seeking the following reliefs: “91. This court is of the opinion that the question as to whether the NCLT has jurisdiction to entertain a particular case or not cannot be determined by the Registrar in the administrative capacity. Counsel appearing for the Respondent submits that the said judgment of the NCLT, Kochi Bench has been stayed by the Kerala High Court. If the valuation of the suit is above Rs. This hearing has been done by video conferencing. 10. It was contended that the amount claimed by the Corporate Creditor in the proceedings before the Tribunal was to the extent of around Rs. The case of the Petitioner is that the Registrar of the NCLT has failed to even list the Petitioner’s matter before the appropriate bench of NCLT, on the ground that the threshold of the pecuniary jurisdiction of the NCLT has now been amended by a notification dated 24 th November, 2020, from Rs.1 lakh, to Rs.1 crore. 8. Under the Consumer Protection Act, 2019 which came into effect from 20th July, 2020, the pecuniary jurisdiction of respective Commission is as follows:-, (To entertain complaints where value of the goods or services paid as consideration). 833 of 2020) clearly differentiated in the pecuniary jurisdiction of Consumer Disputes Redressal Commission (viz. Copyright © TaxGuru. But now it can accept and decide cases where the dispute is over amounts of over Rs 1 crore. 4. Govt mulling enhancing jurisdiction of Delhi's lower courts 14 Jan, 2014, 05.57 PM IST. The listing of the petition is directed to be done within a period of ten days from today. Similar, would be the case of taking Insurance Policy of above Rs.1,00,00,000/-or may be below Rs.1,00,00,000/- but taking into consideration the premium paid and the compensation claimed if the value exceeds Rs.1,00,00,000/- the Consumer Complaint has to be filed before the National Commission. Also, the NCLT did not consider the fact that from 24.03.2020 onwards, the pecuniary limit of the applications to be filed in NCLT was increased to Rs. This court is of the opinion that the question as to whether the NCLT has jurisdiction to entertain a particular case or not cannot be determined by the Registrar in the administrative capacity. If the valuation of the suit is above Rs. applicable from 24.03.2020. towards compensation on account of loss of business. 2. The question as to whether the notification dated 24th March, 2020 applies to a particular petition that has been filed prior to the said notification or not is also a question to be determined by the Bench of the NCLT and not by the Registrar of the Tribunal. NCLT observed that it is well settled law that a statute is presumed to be prospective unless it is held to be retrospective, either expressly or by necessary implication. Ltd, I (2017) CPJ I (NC) . The case of the Petitioner, Skillstech Service Pvt. Matter was heard and order was reserved by NCLT on 13.03.2020. In order to submit a comment to this post, please write this code along with your comment: 9e75e8c5bc39bc478ca2f2f6ca9332db. 1 Lakh to Rs. 5. It was hearing an appeal against registrar of NCLT which refused to even list a matter (application under Section 9 of the Insolvency and Bankruptcy Code) before the bench on the ground that the threshold of the pecuniary jurisdiction of the NCLT has now been amended by a notification dated 24 November 2020 from Rs 1 lakh to Rs 1 crore. For example, if a person has agreed to purchase a Flat/ Apartment/ Plot for about Rs.60,00,000/- and he is claiming refund as also compensation of Rs.50,00,000/- then the value will exceed Rs.1,00,00,000/- and the Consumer Complaint has to be filed before the National Commission. Among other things, one of the prime contentions raised was regarding lack of jurisdiction of the NCLT, New Delhi to deal with the present matter. 3. 4. 1st April, 2021, IRDAI (Regulatory Sandbox) (Amendment) Regulations, 2021, IRDAI (Insurance Advertisements and Disclosure) Regulations, 2021, Conditions for Setting Up & Conduct of Direct Selling Business in Karnataka, Tamilnadu Direct Selling/MLM/ Network Marketing Guidelines, How to Apply for Redressal of Grievances on traces website for deductee’s, Ice Cream manufacturer not eligible for GST Composition Scheme, Late cut for MEIS applications for exports made in Financial Year 2019-20, ​​​​​​​Provisional Direct Tax collections for FY 2020-21 shows growth of almost 5%, Basics of Incorporation of Companies through SPICE+ FORM, Section 271(1)(c) Penalty imposed without specifying the limb is invalid, Section 153C Assessment invalid if Satisfaction not recorded & If section 153C notice not issued, CESTAT remanded back order of revocation of CHA licence on issue of jurisdiction, Flat 40% Discount- Join Self-Learning Courses on GST, Customs & Income Tax, Corporate Compliance Calendar for April 2021, Compliance Calendar for the month of April 2021, Income tax changes effective from 1st April 2021, Request for Extension of date of Revised Return of Income Tax, Auto Income Tax Calculator for F.Y. 1 and finally in January, 2020, the Complainant through J Mukherjee & Associates, Advocates and Solicitors sent a letter to the National Insurance Company Limited calling upon the Insurance Company to withdraw the letter of Repudiation for making payments under the Insurance Policy. ground that the threshold of the pecuniary jurisdiction of the NCLT has now been amended by a notification dated 24th November, 2020, from Rs.1 lakh, to Rs.1 crore. The issue has arisen after the 24th March 2020, Notification in which the pecuniary threshold under the Insolvency & Bankruptcy Code, 2016, was increased from Rs. At present, any homebuyer can charge a case of insolvency against a developer and claim any amount equal to or more than Rs 1 lakh. Maintained by V2Technosys.com, Appeal Number : Consumer Case No. The Consumer Complaint was sent by Ajinkya Tiwari, learned Counsel for the Complainant via Gmail only on 31.07.2020. FULL TEXT OF THE NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION. The appropriate bench of the NCLT would have to then, take a considered view as to whether notice is liable to be issued in the matter or not. counsel for the Petitioner, submits that the question as to whether the NCLT has the pecuniary jurisdiction or not, cannot be decided by the Registrar of the NCLT, but in fact the same ought to be looked into and determined by an appropriate bench of the NCLT, after appreciating the fact situation involved. 1. 2. Maintained by V2Technosys.com, Appeal Number : W.P. Ltd. v. Cyriac Njavally, Fresh application of registration for existing Trusts/Institutions under section 12AB w.e.f. District, State and National) under the Consumer Protection Act, 1986 v/s the Consumer Protection Act, 2019. The National Company Law Tribunal (NCLT) is proving to be a more popular choice among homebuyers seeking quick relief from deviant builders. (1) Subject to the other provisions of this Act, the District Commission shall have jurisdiction to entertain complaints where the value of the goods or services paid as consideration does not exceed one crore rupees:”, “47. Wide-ranging and sweeping changes and reforms have been contemplated under the new Law. 1 … Tough for refund of money out of cancelled sale agreement of flats you can approach NCLT under IBC , filing case before the consumer forum is more preferable option. Pecuniary Jurisdiction (To entertain complaints where value of the goods or services paid as consideration) Section. b. Therefore, this Complaint is to be considered under the provisions of the Consumer Protection Act, 2019 (hereinafter referred to as “the Act of 2019”) which had come into force with effect from 20.07.2020/ 24.07.2020. 4 of IBC, can be considered only as prospective, (i.e.) d. The sum of Rs.86,38,138/- for restoration and replacement of Plinth and foundation. 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