https://www.taxtmi.com/caselaws?id=775273 The NCLAT upheld the NCLT's decision under Section 242 of the Companies Act, 2013, confirming the removal of the appellants from management due to mismanagement and oppression. The management was handed over to the respondents, who were given three years to run the company. Despite two years passing, respondents claimed incomplete transfer of company records. The respondents undertook to clear the mortgage by repaying a loan to facilitate project completion. The tribunal noted the appellants' failure to complete construction or repay loans despite receiving funds from allottees between 2010 and 2014. The appeal was dismissed, affirming the respondents' management control in the company's interest. en-us Mon, 21 Jul 2025 00:00:00 +0530 Wed, 23 Jul 2025 08:29:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775273 The NCLAT upheld the NCLT's decision under Section 242 of the Companies Act, 2013, confirming the removal of the appellants from management due to mismanagement and oppression. The management was handed over to the respondents, who were given three years to run the company. Despite two years passing, respondents claimed incomplete transfer of company records. The respondents undertook to clear the mortgage by repaying a loan to facilitate project completion. The tribunal noted the appellants' failure to complete construction or repay loans despite receiving funds from allottees between 2010 and 2014. The appeal was dismissed, affirming the respondents' management control in the company's interest. Case-Laws Companies Law Mon, 21 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775273