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The NCLAT dismissed the appeal challenging the NCLT's impugned order dated 05.02.2024 concerning the sale/purchase agreement involving the appellant group. The Tribunal held that Section 242(2)(f) of the Companies Act, 2013 was inapplicable as no permission was sought from the NCLT for the tripartite agreement dated 23.01.2024, which was not placed on record before the NCLT. The OTS sanction letter conditioned settlement on NCLT approval, which was never obtained. The appellants failed to seek modification or termination of any agreement under Section 242(2)(f). The deposited amount of Rs. 15.75 crores (plus interest) and the proposed infusion of Rs. 1 crore by the respondents underscored the financial stakes involved. Interfering with the NCLT order would be detrimental to the company and shareholders. Consequently, the appeal was dismissed as the impugned order was found to be reasoned and justified.
The NCLAT dismissed the appeal challenging the NCLT's impugned order dated 05.02.2024 concerning the sale/purchase agreement involving the appellant group. The Tribunal held that Section 242(2)(f) of the Companies Act, 2013 was inapplicable as no permission was sought from the NCLT for the tripartite agreement dated 23.01.2024, which was not placed on record before the NCLT. The OTS sanction letter conditioned settlement on NCLT approval, which was never obtained. The appellants failed to seek modification or termination of any agreement under Section 242(2)(f). The deposited amount of Rs. 15.75 crores (plus interest) and the proposed infusion of Rs. 1 crore by the respondents underscored the financial stakes involved. Interfering with the NCLT order would be detrimental to the company and shareholders. Consequently, the appeal was dismissed as the impugned order was found to be reasoned and justified.
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