https://www.taxtmi.com/caselaws?id=447469 The NCLAT dismissed an appeal challenging the dismissal of an oppression and mismanagement petition under the Companies Act, 1956. The appellant had filed an application seeking reliefs against a company for alleged mismanagement and fraud. However, during pendency of the petition, insolvency proceedings were initiated against the same company under the Insolvency and Bankruptcy Code, 2016, following an application by a financial creditor. The NCLAT held that once CIRP proceedings commenced and moratorium was imposed, with the company's control transferred to the resolution professional, the oppression petition could not survive as no meaningful relief could be granted. The appeal was dismissed as without merit. en-us Fri, 22 Dec 2023 00:00:00 +0530 Tue, 26 Dec 2023 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447469 The NCLAT dismissed an appeal challenging the dismissal of an oppression and mismanagement petition under the Companies Act, 1956. The appellant had filed an application seeking reliefs against a company for alleged mismanagement and fraud. However, during pendency of the petition, insolvency proceedings were initiated against the same company under the Insolvency and Bankruptcy Code, 2016, following an application by a financial creditor. The NCLAT held that once CIRP proceedings commenced and moratorium was imposed, with the company's control transferred to the resolution professional, the oppression petition could not survive as no meaningful relief could be granted. The appeal was dismissed as without merit. Case-Laws Companies Law Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447469