NCLAT
NCLAT Dismisses MMTC Appeal Against NSEL's Settlement Scheme With Traders
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Monday rejected a challenge by state-run trading company MMTC Limited to a settlement scheme approved for National Spot Exchange Ltd., holding that the scheme cannot be reopened once it has been upheld in earlier proceedings and affirmed by the Supreme Court.The Mumbai bench of the National Company Law Tribunal had, on November 28, 2025 approved the settlement scheme between NSEL, along with its promoter 63 Moons, and its creditors,...
Share Capital Increase Without Notice To Family Shareholders Amounted To Oppression In Daruka Papers Case: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that increasing the authorised share capital and issuing rights shares without notice to continuing shareholders in a closely-held family company amounted to oppression, after finding that the company proceeded on the assumption that certain shareholders had resigned even though the validity of their resignation itself was disputed. Disposing of the appeal in a dispute concerning J.B. Daruka Papers Ltd, a bench of Judicial...
Special Resolution Under Companies Act Needed Only For Sale Of Undertakings, Not Individual Assets: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Monday held that shareholder approval through a special resolution under Section 180(1)(a) of the Companies Act, 2013, is required only when a company sells an "undertaking." The provision does not apply when a company disposes of an individual asset. Section 180 of the Companies Act restricts certain powers of a company's board of directors. It requires prior approval of shareholders through a special resolution when a company...
NCLAT Modifies NCLT Order Dismissing Company Petition for Non-Joinder of Necessary Party, Allows Impleadment
The National Company Law Appellate Tribunal at Chennai recently modified an order of the NCLT which had dismissed a company petition on the ground of non-joinder of a necessary party.The NCLT Amravati had dismissed a company petition filed by two individuals after observing that the principal relief was sought against Al-Sami Food Exports Pvt Ltd, which had not been made a party. Since the matter had reached the stage of arguments, the tribunal declined to permit addition of the party at that...
NCLAT Dismisses Jindal Poly Films' Appeal Challenging Maintainability Of Minority Shareholders' Class Action Suit
The National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed an appeal filed by Jindal Poly Films Limited challenging an order of the National Company Law Tribunal that had allowed a class action petition under Section 245 of the Companies Act, 2013 to proceed against the company. The appeal was heard by a bench comprising Judicial Member Justice Yogesh Khanna and Technical Member Ajai Das Mehrotra, which declined to interfere with the NCLT's findings and...
NCLAT Dismisses Appeal Against Order Allowing Former Promoters To Represent Aquafil Polymers
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently dismissed as infructuous an appeal filed by majority shareholder Dr. Anita Roy against an interim order permitting the former promoters of Aquafil Polymers Company Private Limited to represent the company in pending proceedings. The tribunal held that in view of a subsequent comprehensive order passed in July 2025 appointing an Independent Administrator and directing a forensic audit, no effective relief could now be...
NCLAT Extends Deadline Till February 17 For Byju's Parent To Subscribe To Aakash Rights Issue Second Tranche
The National Company Law Appellate Tribunal (NCLAT) at Chennai on Monday has extended the time by one week for Think and Learn Pvt Ltd, the parent company of Byju's, to subscribe to the second tranche of Aakash Educational Services' rights issue.A coram of Judicial Member Justice N. Seshasayee and Technical Member Jatindranath Swain passed the direction while allowing an extension of one week, by permitting Think and Learn to subscribe to the second tranche of rights shares until February 17,...
Jindal Poly Tells NCLAT Class Action Order Hit Share Price, Seeks Interim Relief
The National Company Law Appellate Tribunal (National Company Law Appellate Tribunal) on Monday part-heard Jindal Poly Films Limited's plea for interim relief in its appeal against the admission of a shareholder class action, after the company told the tribunal that the NCLT order had adversely affected its share price. The tribunal will continue hearing the appeal tomorrow. The appeal arises from an order passed on February 5 admitting a class action filed by three minority shareholders...
Company Cannot Cite Its Own Companies Act Breach To Defeat Insolvency Plea Over Unpaid Deposits: NCLAT
The National Company Law Appellate Tribunal (NCLAT)at New Delhi has held that a company cannot evade repayment of deposits by relying on its own violation of the Companies Act, while allowing an appeal against rejection of an insolvency petition.A coram of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed that the company was attempting to take advantage of its own wrongdoing in accepting deposits, which is impermissible in law.“..the respondent company is trying to...
NCLAT Refuses To Interfere With NSEL Spot Exchange Settlement, Says NCLT Did Not Exceed Jurisdiction
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently refused to interfere with an order of the Mumbai bench approving a ₹1,950-crore one-time settlement for traders affected by the 2013 National Spot Exchange Ltd default, holding that the National Company Law Tribunal did not exceed its jurisdiction while sanctioning the scheme. A bench of Judicial Member Justice Yogesh Khanna and Technical Member Ajai Das Mehrotra observed that a plain reading of the impugned order...