National Company Law Tribunal

The Indian tribunal that adjudicates company law matters, including insolvency proceedings, schemes of arrangement, mergers, demergers and oppression and mismanagement cases.

Its relevance to analysis is timing. Corporate restructurings that look complete on announcement are conditional on tribunal approval, and the gap between announcement and effectiveness routinely runs into quarters and sometimes years.

The appointed date and the effective date of a scheme can differ, which affects how the financial statements are restated and when the accounting takes effect.

Read the scheme document for both dates before modelling anything.