Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
The National Company Law Tribunal (NCLT) upheld the validity of the sale of immovable property by the respondent bank under the SARFAESI Act. The appellant company argued that its shareholder does not have ownership rights over the property. However, the NCLT held that the respondent bank acquired shares and a flat through valid SARFAESI proceedings, amounting to transmission of shares by operation of law. The NCLAT relied on precedents to affirm that an award by an arbitrator falls within the ambit of transmission by operation of law, and the NCLT has powers to condone delays u/s 58 of the Companies Act, 2013. The NCLAT dismissed the appeal, finding no reason to interfere with the reasoned NCLT order.
The National Company Law Tribunal (NCLT) upheld the validity of the sale of immovable property by the respondent bank under the SARFAESI Act. The appellant company argued that its shareholder does not have ownership rights over the property. However, the NCLT held that the respondent bank acquired shares and a flat through valid SARFAESI proceedings, amounting to transmission of shares by operation of law. The NCLAT relied on precedents to affirm that an award by an arbitrator falls within the ambit of transmission by operation of law, and the NCLT has powers to condone delays u/s 58 of the Companies Act, 2013. The NCLAT dismissed the appeal, finding no reason to interfere with the reasoned NCLT order.
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