NCLT Chennai Allows First Motion For POCL Enterprises-Planetfirst Green Amalgamation

The National Company Law Tribunal at Chennai has directed POCL Enterprises Limited to convene meetings of its equity shareholders and unsecured creditors to consider a proposed scheme of amalgamation with Planetfirst Green Private Limited. The shares of POCL are listed on the National Stock Exchange and Bombay Stock Exchange. A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam passed the order. Planetfirst Green is engaged in lead recycling and refining, while...

NCLT Mumbai Clears First Motion For HSBC InvestDirect Merger With 1% Share Capital Reduction

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 13 October, allowed the first motion application filed by HSBC InvestDirect Sales & Marketing (India) Private Limited and HSBC InvestDirect (India) Private Limited for their proposed amalgamation and the reduction of the transferor company's share capital. A Bench comprising Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan passed the order under Sections 230 to 232 read with Section 66 of the Companies Act,...

NCLT Ahmedabad Rejects Mediation Plea In Lendingkart Dispute, Says Parties' Consent Is Essential

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 12 October dismissed an application by minority shareholders of Lendingkart Technologies Pvt. Ltd. seeking mediation in an ongoing oppression and mismanagement dispute involving majority shareholder Fullerton Financial Pvt. Ltd. A Bench comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma held that a compulsory reference to mediation would serve no useful purpose when the respondents expressly opposed the...

NCLT Chennai Approves Notion Press Settlement, Orders ₹3.75 Crore Payout For Share Cancellation

The Chennai Bench of the National Company Law Tribunal (NCLT) on 9 October approved a Memorandum of Compromise between C. Janarthanan and Notion Press Media Pvt. Ltd., directing the company to cancel his 3,999 equity shares and pay him Rs. 3.75 crore as part of the settlement of an oppression and mismanagement petition. A Bench comprising Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam also directed the company to cancel the shares and reduce its paid-up capital...

NCLT Chandigarh Allows Merger Of Two Singapore Companies With Evonith Metallics

The Chandigarh Bench of the National Company Law tribunal (NCLT) has allowed the first-motion application filed by Evonith Metallics Limited for a scheme to merge two Singapore-based entities, Wardha Steel Holdings Pte. Ltd. and Esturik Investments Pte. Ltd., with the steel manufacturer.The order was passed by the bench of Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal.Evonith Metallics Limited, formerly Uttam Galva Metallics Limited, is engaged in steel manufacturing...

NCLT Sanctions Meghmani Group Amalgamation, Clarifies Approval Does Not Waive Statutory Liabilities

On 8 October, the Ahmedabad Bench of the National Company Law Tribunal (NCLT) sanctioned the scheme of amalgamation of Kilburn Chemicals Limited and Meghmani Crop Nutrition Limited with Meghmani Organics Limited, holding that the scheme does not exempt the companies from statutory liabilities or regulatory compliances. A Bench comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma heard the joint petition filed by the three companies and sanctioned the scheme under Sections...

NCLT Sanctions Futech Internet-Amalgamation With Anka India, Preserves Income Tax Department's Powers

The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 30 September sanctioned the scheme of amalgamation of Futech Internet Private Limited with Anka India Limited under Sections 230–232 of the Companies Act, 2013. A Bench comprising Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal sanctioned the scheme after considering the reports and observations of the statutory authorities. The Board of Directors of both companies approved the scheme on 3 September...

NCLT Approves Merger Of Two Adani Electricity Mumbai Subsidiaries Into It

The National Company Law Tribunal's (NCLT) Ahmedabad bench has sanctioned the merger of Adani Electricity Mumbai Limited's wholly owned subsidiaries, Pointleap Projects Private Limited and Superheights Infraspace Private Limited, with the power distribution company, with effect from April 1, 2025.The order was passed by the bench of Judicial Member Chitra Hankare and Technical Member Dr V. G. VenkatachalapathyThe petitioners had sought approval for the amalgamation after securing approval from...

NCLT Ahmedabad Directs Ganesh Housing To Convene Shareholders' Meeting For Merger With Gatil Properties

The National Company Law Tribunal (NCLT), Ahmedabad, on 7 October directed Ganesh Housing Limited to convene a meeting of its equity shareholders to consider the proposed amalgamation of its wholly owned subsidiary, Gatil Properties Private Limited, with the company. A Bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma dispensed with meetings of the secured and unsecured creditors of both companies, observing that the scheme would neither reduce nor extinguish their...

Company Can Enter CIRP Despite Winding-Up Order If No Irreversible Steps Taken: NCLT Delhi

The National Company Law Tribunal (NCLT), at Delhi has ruled that a company facing winding-up proceedings can still be admitted to the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC), provided the winding-up has not reached an irreversible stage.A bench of President Justice Anupinder Singh Grewal and Technical Member Ravindra Chaturvedi examined whether the company could be given an opportunity to revive despite an existing winding-up order. The...

NCLT Chennai Allows Winding Up Of Struck-Off Company To Realise Assets, Settle Liabilities

The National Company Law Tribunal (NCLT), Chennai, has ruled that a company struck off from the Register of Companies can still be wound up to realise its assets and settle outstanding liabilities.The tribunal observed that "to ensure that the marketable securities are realized and the liabilities of the Company are settled, it is just and equitable that the Company be wound up under the enactment of the Companies Act 2013 and Rules made thereunder."A coram comprising Judicial Member Sanjiv Jain...

Power To Modify Scheme Can Be Used If Unworkable, Not As 'Lever' To Alter Scheme: NCLT Mumbai In NSEL Case

The National Company Law Tribunal (NCLT) at Mumbai has held that its power to modify a sanctioned scheme under Section 231 of the Companies Act, 2013 can be used where the scheme is unworkable. It cannot be used to extend the scheme's benefits to a defaulter when there is no allegation that the scheme is not being properly implemented.“In our considered view, this provision can be used to seek modification where the scheme seems to be unworkable and not where there was no allegation that the...