https://www.taxtmi.com/caselaws?id=779536 NCLAT allowed the appeal and set aside the NCLT order that had waived the s.244(b) membership threshold to permit a s.241/242 petition. The tribunal held the applicants had not established membership of the company/club and thus could not invoke the proviso to s.244 to seek a waiver. The NCLT's finding of unspecified "exceptional circumstances" was unsupported; without a substantive right as members the waiver was not maintainable and the impugned order was quashed. en-us Wed, 17 Sep 2025 00:00:00 +0530 Wed, 08 Oct 2025 08:45:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779536 NCLAT allowed the appeal and set aside the NCLT order that had waived the s.244(b) membership threshold to permit a s.241/242 petition. The tribunal held the applicants had not established membership of the company/club and thus could not invoke the proviso to s.244 to seek a waiver. The NCLT's finding of unspecified "exceptional circumstances" was unsupported; without a substantive right as members the waiver was not maintainable and the impugned order was quashed. Case-Laws Companies Law Wed, 17 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779536