Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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The NCLAT allowed the appeal, set aside the impugned NCLT direction to convene meetings of remaining unsecured creditors and dispensed with the requirement to hold such meetings under Section 230 of the Companies Act. The Tribunal held that the NCLT's mandate to convene meetings despite recorded consents exceeding the 90% by value threshold constituted jurisdictional overreach and was legally unsustainable, particularly where the transferee's net worth materially improves post-scheme and unsecured claims are negligible relative to net worth. Applying Sections 230(6) and 230(9), the NCLAT concluded there is no compromise of unsecured creditors' rights and no necessity to call meetings, and accordingly allowed the appeal.
The NCLAT allowed the appeal, set aside the impugned NCLT direction to convene meetings of remaining unsecured creditors and dispensed with the requirement to hold such meetings under Section 230 of the Companies Act. The Tribunal held that the NCLT's mandate to convene meetings despite recorded consents exceeding the 90% by value threshold constituted jurisdictional overreach and was legally unsustainable, particularly where the transferee's net worth materially improves post-scheme and unsecured claims are negligible relative to net worth. Applying Sections 230(6) and 230(9), the NCLAT concluded there is no compromise of unsecured creditors' rights and no necessity to call meetings, and accordingly allowed the appeal.
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