https://www.taxtmi.com/caselaws?id=447536 NCLAT Chennai allowed appeal against NCLT Chennai's order fixing appointed date as 01.10.2022 for scheme of amalgamation. NCLT Mumbai had earlier sanctioned the same scheme with appointed date 01.10.2020. NCLAT held that having two different appointed dates rendered the scheme unworkable. Court emphasized that NCLT's jurisdiction in sanctioning schemes is supervisory only, examining statutory compliance rather than commercial wisdom. Since application was filed within one year of appointed date and NCLT Mumbai had already fixed 01.10.2020, NCLAT directed uniform appointed date of 01.10.2020 for scheme workability. en-us Thu, 21 Dec 2023 00:00:00 +0530 Thu, 28 Dec 2023 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447536 NCLAT Chennai allowed appeal against NCLT Chennai's order fixing appointed date as 01.10.2022 for scheme of amalgamation. NCLT Mumbai had earlier sanctioned the same scheme with appointed date 01.10.2020. NCLAT held that having two different appointed dates rendered the scheme unworkable. Court emphasized that NCLT's jurisdiction in sanctioning schemes is supervisory only, examining statutory compliance rather than commercial wisdom. Since application was filed within one year of appointed date and NCLT Mumbai had already fixed 01.10.2020, NCLAT directed uniform appointed date of 01.10.2020 for scheme workability. Case-Laws Companies Law Thu, 21 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447536