valid as on 26/11/2020

27.3.86 National Company Law Tribunal Rules, 2016

86. Rule of opt-out.-

(1) A member of a class action under section 245 of the Act is entitled to opt-out of the proceedings at any time after the institution of the class action, with the permission of the Tribunal, as per .

(2) For the purposes of this rule, a class member who receives a notice under clause (a) of sub section (5) of section 245 of the Act shall be deemed to be the member of a class, unless he expressly opts out of the proceedings, as per the requirements of the notice issued by the Tribunal in accordance with rule 38.

(3) A class member opting out shall not be precluded from pursuing a claim against the company on an individual basis under any other law, where a remedy may be available, subject to any conditions imposed by the Tribunal.

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Form NCLT 1-Original Application / Reply / Rejoinder / Interlocutory Application or filing of additional documents under directions of the Bench

Inserted vide the National Company Law Tribunal (Amendment) Rules,2020 notification dated 03.02.2020. To view the notification,Click Here

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