Share rectification claims became infructuous after CIRP and resolution plan approval extinguished any subsisting interest.

A petition seeking rectification and transfer of shares lost maintainability after the company entered corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 and a resolution plan was approved. Once those developments occurred, the petitioners no longer had a subsisting interest in the company, so their grievance over the impugned share transfer did not survive for adjudication. The reliefs claimed had become infructuous, and the petition was dismissed on that basis.

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Issues: Whether the petition for rectification and transfer of shares could be maintained after commencement of corporate insolvency resolution process and approval of a resolution plan for the company, when the petitioners no longer had a subsisting interest in the company.

Analysis: The dispute related to shares in the company, but during the pendency of the proceedings the company was taken into corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. A resolution plan was subsequently approved. In view of these later developments, the petitioners ceased to have any continuing interest in the company. Their grievance regarding the impugned share transfer therefore did not survive for adjudication, and the reliefs claimed had become infructuous.

Conclusion: The petition was not maintainable for further adjudication and was dismissed as infructuous.

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