https://www.taxtmi.com/caselaws?id=293170 A shareholder derivative suit on behalf of a company was held not maintainable once corporate insolvency resolution proceedings began and an interim resolution professional took control, because the company's affairs then vested in the insolvency framework and the shareholder was expected to approach the resolution professional or the NCLT. The action was also treated as barred independently of insolvency, since the Companies Act provides a statutory remedy for oppression and mismanagement and civil court jurisdiction is excluded in such matters. The pleaded claims for fraud, misrepresentation, voidness and refund were treated as causes belonging to the company itself, not to the shareholder personally. en-us Fri, 30 Aug 2019 00:00:00 +0530 Wed, 27 Jan 2021 18:59:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293170 A shareholder derivative suit on behalf of a company was held not maintainable once corporate insolvency resolution proceedings began and an interim resolution professional took control, because the company's affairs then vested in the insolvency framework and the shareholder was expected to approach the resolution professional or the NCLT. The action was also treated as barred independently of insolvency, since the Companies Act provides a statutory remedy for oppression and mismanagement and civil court jurisdiction is excluded in such matters. The pleaded claims for fraud, misrepresentation, voidness and refund were treated as causes belonging to the company itself, not to the shareholder personally. Case-Laws Companies Law Fri, 30 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293170