https://www.taxtmi.com/caselaws?id=757453 The NCLAT dismissed an appeal challenging the validity of property sale under SARFAESI Act. The tribunal held that respondent validly acquired shares and flat through SARFAESI proceedings, constituting transmission by operation of law. The appellant company's shareholder lacked title to company property. The NCLT properly condoned filing delays caused by appellant's protracted correspondence aimed at frustrating respondent's rights. The acquisition of share certificate and flat was deemed valid consideration under enforcement proceedings, with transmission occurring by legal operation rather than party volition. en-us Thu, 22 Aug 2024 00:00:00 +0530 Sat, 24 Aug 2024 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757453 The NCLAT dismissed an appeal challenging the validity of property sale under SARFAESI Act. The tribunal held that respondent validly acquired shares and flat through SARFAESI proceedings, constituting transmission by operation of law. The appellant company's shareholder lacked title to company property. The NCLT properly condoned filing delays caused by appellant's protracted correspondence aimed at frustrating respondent's rights. The acquisition of share certificate and flat was deemed valid consideration under enforcement proceedings, with transmission occurring by legal operation rather than party volition. Case-Laws Companies Law Thu, 22 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757453