https://www.taxtmi.com/caselaws?id=780793 NCLAT allowed the appeal and set aside the NCLT direction to convene meetings of remaining unsecured creditors. The tribunal found the NCLT's refusal to accept valid consent affidavits and its reasoning inconsistent with Section 230(9) and 230(6) of the Companies Act. Given that over 90% by value of unsecured creditors had consented, the transferee's increased net worth and insignificant unsecured debt exposure, the requirement to hold meetings was dispensed with as the scheme did not alter unsecured creditors' rights or liabilities. en-us Thu, 04 Sep 2025 00:00:00 +0530 Thu, 06 Nov 2025 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780793 NCLAT allowed the appeal and set aside the NCLT direction to convene meetings of remaining unsecured creditors. The tribunal found the NCLT's refusal to accept valid consent affidavits and its reasoning inconsistent with Section 230(9) and 230(6) of the Companies Act. Given that over 90% by value of unsecured creditors had consented, the transferee's increased net worth and insignificant unsecured debt exposure, the requirement to hold meetings was dispensed with as the scheme did not alter unsecured creditors' rights or liabilities. Case-Laws Companies Law Thu, 04 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780793