https://www.taxtmi.com/caselaws?id=760386 NCLAT allowed appeal against NCLT's unilateral change of appointed date from 1.4.2019 to 1.4.2020 in scheme of arrangement. NCLAT held that NCLT misapplied General Circular No.9/2019, as merger application was filed in December 2019 with appointed date within one year limit. Court noted that despite COVID-related delays beyond parties' control, appointed date should remain 1.4.2019. NCLAT emphasized that once statutory provisions are complied with and scheme is not unconscionable or against public policy, tribunal has only supervisory jurisdiction and cannot override commercial wisdom. Alteration would affect calculations with serious financial implications. Appeal allowed, appointed date restored to 1.4.2019. en-us Wed, 29 May 2024 00:00:00 +0530 Sun, 20 Oct 2024 17:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760386 NCLAT allowed appeal against NCLT's unilateral change of appointed date from 1.4.2019 to 1.4.2020 in scheme of arrangement. NCLAT held that NCLT misapplied General Circular No.9/2019, as merger application was filed in December 2019 with appointed date within one year limit. Court noted that despite COVID-related delays beyond parties' control, appointed date should remain 1.4.2019. NCLAT emphasized that once statutory provisions are complied with and scheme is not unconscionable or against public policy, tribunal has only supervisory jurisdiction and cannot override commercial wisdom. Alteration would affect calculations with serious financial implications. Appeal allowed, appointed date restored to 1.4.2019. Case-Laws Companies Law Wed, 29 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760386