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The NCLAT upheld the NCLT's exercise of powers under Section 242 of the Companies Act, 2013, confirming the removal of the appellants from management due to prima facie evidence of oppression and mismanagement. The management was vested in Respondents No.1 and 2, who were granted a three-year period to run the company. Despite two years having elapsed, the respondents claim incomplete transfer of company records. Respondents No.1 and 2 have submitted an undertaking to clear the mortgage on company land by repaying loans to Respondent No.6 to facilitate project completion. The appellants' conduct-accepting funds from allottees between 2010 and 2014 without completing construction or repaying loans by 2018-was held against them. The appeal was dismissed, affirming the management transfer and rejecting the appellants' challenge.
The NCLAT upheld the NCLT's exercise of powers under Section 242 of the Companies Act, 2013, confirming the removal of the appellants from management due to prima facie evidence of oppression and mismanagement. The management was vested in Respondents No.1 and 2, who were granted a three-year period to run the company. Despite two years having elapsed, the respondents claim incomplete transfer of company records. Respondents No.1 and 2 have submitted an undertaking to clear the mortgage on company land by repaying loans to Respondent No.6 to facilitate project completion. The appellants' conduct-accepting funds from allottees between 2010 and 2014 without completing construction or repaying loans by 2018-was held against them. The appeal was dismissed, affirming the management transfer and rejecting the appellants' challenge.
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