Rule 86 - Rule of opt-out. - 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 Form No. NCLT 1. (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.