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Companies Law - Case Laws
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- 2021 (10) TMI 854 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Sanction of Scheme of Arrangement by way of Amalgamation - section 230-232 of Companies Act, 2013, and other applicable provisions of the Companies Act, 2013, read with Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 - HELD THAT:- Various directions issued with respect to convening/holding or dispensing with the meetings of the Shareholders, Secured and Unsecured Creditors as well as issue of notices including by way of paper publication as follows - directions regarding issuance of various notices also issued. The scheme is approved - application allowed.
- 2021 (10) TMI 853 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Sanction of Scheme of Merger by way of Absorption - Sections 230 to 232 of the Companies Act, 2013 - HELD THAT:- Various directions with regard to holding, convening and dispensation of various meeting issued - directions with regard to issuance of various notices also issued. The scheme is approved - application allowed.
- 2021 (10) TMI 852 - NATIONAL COMPANY LAW TRIBUNAL , KOLKATA BENCH
Sanction of the Scheme of Amalgamation - Section 230-232 of the Companies Act, 2013 - HELD THAT:- Various directions with regard to holding, convening and dispensation with various meetings issued - directions with regard to issuance of notices also issued. The scheme is approved - application allowed.
- 2021 (10) TMI 819 - NATIONAL COMPANY LAW TRIBUNAL , CHENNAI BENCH
Seeking exemption to Applicant from servicing any loans to IL&FS in terms of the Corporate Debtor Restructuring dated 02.12.2011, pending disposal of application on the file of this Hon'ble Tribunal - HELD THAT:- It is a fact borne on record that the Appeal against the order passed by this Tribunal is pending adjudication before Hon'ble Supreme Court of India. Hence the prayer as sought for by the Applicant for early disposal of CA/32/2010 is premature, since the Hon'ble Supreme Court Is seized of the said matter and yet to pass a final order in CA/47/2011 and CA/101/2011 which is interconnected with CA/32/2010. Hence the prayer as sought for in (b) stands rejected. The Applicant ought not to have filed the present Application before this Tribunal seeking similar relief. It seems like the Applicant is indulging in forum sh....... + More
- 2021 (10) TMI 770 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Composite Scheme of Amalgamation - seeking admission, fixing a date for hearing and final disposal of the Application as well as for a direction for publication to be effected and issuance of notices to the concerned authorities for objections, if any, to the Composite Scheme of Amalgamation contemplated between the Applicants - Section 230 to 232 of Companies Act, 2013 read with Rule 16 of the Companies (Compromise, Arrangements and Amalgamation) Rules, 2016 - condonation of delay of 72 days in filing the present petition - death of both the Counsels (being brothers) of the Applicant Companies due to Covid-19. HELD THAT:- The delay is condoned - the Petition stands Admitted - the date of hearing of the Petition filed by the Petitioner Companies for approval of the Scheme is fixed for 28.09.2021. Notice of the hearing shall be published i....... + More
- 2021 (10) TMI 716 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Reduction of share capital - section 66 of the Companies Act, 2013 - HELD THAT:- The Regional Director, Northern Region, Ministry of Corporate Affairs, New Delhi, after receiving the report from the Registrar of Companies, has filed his report dated 12.03.2021. On perusal of the representation, the Regional Director has no objection to the extent of proposed scheme of reduction in share capital of the Applicant company - Notice was duly served on the Income Tax Department; despite several opportunities no one has appeared for the Income Tax Department. This tribunal vide order dated 26.07.2021 directed the applicant company to file an affidavit denoting that they are tax compliant and if any demand is raised by the Income Tax Department, with regard to any dues or arrears of Income Tax, the applicant company will make good the same as per....... + More
- 2021 (10) TMI 715 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Sanction of Scheme of Arrangement - Sections 230 to 232 of the Companies Act, 2013, read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and the National Company Law Tribunal Rules, 2016 - HELD THAT:- Various directions with regard to holding convening and dispensing with various meetings issued - directions with regard to issuance of various notices also issued. The scheme is approved - application allowed.
- 2021 (10) TMI 714 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Approval of the Scheme of Amalgamation - Section 230 to 232 of Companies Act, 2013 read with the Companies (Compromise, Arrangements and Amalgamations) Rules, 2016 - HELD THAT:- Considering the approval accorded by the Members and Creditors of all the Petitioner Companies to the proposed Scheme and no sustainable objections having been raised by the Office of the Regional Director, Income Tax Department or any other interested party, there does not appear to be any impediment in granting sanction to the Scheme. Accordingly, sanction is hereby granted to the Scheme of Amalgamation proposed by the Applicant Companies under Section 230 to 232 of the Companies Act, 2013. The scheme is approved - application allowed.
- 2021 (10) TMI 694 - NATIONAL COMPANY LAW TRIBUNAL , KOCHI BENCH
Seeking appointment of Company Liquidator - seeking direction to the directors and officers of the Company to submit to the Liquidator, within 30 days from the date of order, the books of accounts of the company completed and audited upto the date of the order - seeking direction to the directors and officers of the Company to submit the statement of affairs of the Company under Section 274(1) - service of notice to the petitioner to whom the order required to be served - seeking order to constitute a winding up committee under Section 277(4) to assist and monitor the progress of liquidation proceedings - seeking permission to the Company Liquidator to submit the report under Section 181(1) read with Rule 25(1) within 60 days from the date of the order in this IA - seeking order to fix the fee of the Provisional Liquidator and the Company....... + More
- 2021 (10) TMI 646 - BOMBAY HIGH COURT
Maintainability of petition - availability of alternative remedy of appeal - Principles of natural justice - due service of notice to all Respondents present in India and overseas - HELD THAT:- It may not be necessary to delve into detail the submissions made by learned Counsel for the rival parties. Suffice it to say that while learned Counsel for the Petitioners submitted that the impugned order was passed without providing due opportunity of hearing to the Petitioners and thus violative of the principles of natural justice, learned Addl. Solicitor General of India pointed out that Petitioners have got efficacious alternative remedy by way of appeal and therefore Petitioners should be relegated to the appellate forum. Union of India had made all possible efforts to serve copies of the Petitions to the Respondents either by email or by d....... + More
- 2021 (10) TMI 597 - MADRAS HIGH COURT
Territorial Jurisdiction - Validity of continuation of EOCC.No.104/2016 now pending on the file of the learned Additional Chief Metropolitan Magistrate, Economic Offences Wing-1 at Egmore, Chennai - HELD THAT:- The privilege provided to the respondent/complainant of explaining why it was originally lodged in Chennai and if later lodged in Coimbatore, reasons for the same to be addressed to the said competent Court and the learned Magistrate may take a call on accepting or rejecting those reasons. It would be inappropriate for this Court to indicate to the respondent herein to prefer a complaint at Coimbatore. An obligation is placed on the respondent to explain the circumstances necessitating filing the complaint originally in Chennai and thereafter, shifting the said complaint to Coimbatore. Let those reasons be forwarded to the competen....... + More
- 2021 (10) TMI 596 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL — PRINCIPAL BENCH—NEW DELHI
Oppression and Mismanagement - Direction to Special Officer who had been earlier appointed in the petition to appoint valuer by taking names from the petitioners as well as the respondents of their choice - HELD THAT:- The learned National Company Law Tribunal is agreed upon that it is a situation of deadlock where in view of article 53 of the articles of association of company with original petitioners being on one side and the other three brothers being on the other quorum of two-third of the directors could not be achieved except with the attendance of one of the original petitioners and considering the various litigations between the parties, the learned National Company Law Tribunal was right in observation that there was a deadlock. When the record shows that the learned National Company Law Tribunal had earlier given directions to ....... + More
- 2021 (10) TMI 541 - NATIONAL COMPANY LAW TRIBUNAL , KOLKATA BENCH
Sanction of scheme of Amalgamation - seeking directions with regard to meeting of Shareholders and Creditors in connection with the Scheme of Amalgamation - Section 230(1) read with Section 232(1) of the Companies Act, 2013 - HELD THAT:- Meetings of the Equity Shareholders & Unsecured Creditors of the Applicant No. 1 & Applicant No. 2 are dispensed with under section 230(1) read with Section 232(1) of the Act - Directions regarding issuance of various notices also issued. Application disposed off.
- 2021 (10) TMI 390 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI
Principles of Natural Justice and fairness - Appellant's request for the grant of sufficient time to file its reply/counter to the Company Petition, rejected - grant of only short span of less than two days of filing reply, correct or not - HELD THAT:- It is pertinent to mention that Section 98 of the Companies Act, does not prescribe any time limit or limitation on the Learned NCLT to pass order within that time limit. Engrafting the provisions of Section 100(4) in Section 98 would be wholly misconceived and untenable. Undisputedly, the reliefs sought in the Company Petition are specifically under Section 98 of the Companies Act. Given that Section 98 does not prescribe any time limit, the Learned NCLT ought to have granted reasonable time to the Appellant to file a reply. It is clear that the Learned NCLT has committed an error in n....... + More
- 2021 (10) TMI 386 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Seeking restoration of the name of the Appellant Company in the register maintained by the Registrar of Companies - Section 252 of the Companies Act, 2013 - HELD THAT:- It is seen that the appellant has failed to produce the audited balance sheet to show the company had revenue from operation for the immediate two preceding financial years when the name of the company was struck off by the RoC. It is further seen that the Appellants in the Memo of Appeal admit this fact that there is no revenue from operation from financial Year 2014-15 to 2019-2020. Therefore, the appellant company has failed to produce any document to show that the appellant company had revenue from operation or carrying on business at the time when the name of the company was struck off by the Registrar of Companies or even prior to that. The action taken by the RoC under Section 560(5) of the Companies Act, 1956, to wind up the company is upheld - the name of the company could not be restored - appeal dismissed.
- 2021 (10) TMI 295 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Seeking restoration of name of the company in the register of companies - Section 252 of the Companies Act, 2013 - HELD THAT:- The appellant has submitted sufficient evidence that it has been in operation during the period preceding strike off, therefore, it could not be termed as a defunct company as per Section 252 of the Act. Thus, taking into consideration the provisions of Section 252(1) of the Companies Act, 2013, which vests this Tribunal with a discretion where the Company, whose name has been struck off, and such Company is able to demonstrate that it is just to do so, can restore the name of the Company, in the Register and in the interest of all stakeholders, including the Appellant itself, who seeks restoration of the name of the Company in the register maintained by Registrar of Companies, the company deserve to be restored. Appeal allowed.
- 2021 (10) TMI 248 - ORISSA HIGH COURT
Maintainability of Company Proceeding - issues raised in the Company Act proceeding is pending consideration of the suit bearing - HELD THAT:- From the provision at Section 241 of the Act, 2013, this Court finds, this provision of the Act, 2013 authorizes any member of the company to complain under the provision of oppression & mismanagement. Similarly section 242 of the Act, 2013 gives power to the “NCLT” to opine that the company affairs have been or are being conducted in a manner prejudicial or oppressive to any member or members and also on other aspect, which are of course not relevant here. Section 242(2) particularly deals with the matter involving regulation of conduct of affairs of the Company in future apart from also several other aspects included therein. This Court not only finds, both the proceedings are aim....... + More
- 2021 (10) TMI 226 - NATIONAL COMPANY LAW TRIBUNAL , GUWAHATI BENCH
Seeking restoration of name of the company in the Register of Companies being maintained by the Registrar of Companies - section 252 of Companies Act - Maintainability of petition - HELD THAT:- As per the record, the Petitioners have preferred the present appeal under section 252(1) of the Companies Act as being the Promoter, Ex-Director & Shareholder of the Struck off Company. They are eligible to file the present appeal for restoration of the company’s name in the register of the ROC. Hence, the present appeal is found maintainable. It is considered just and equitable to revive the name of the company, DIHINGIA MOTORS PRIVATE LIMITED in the statutory register as being maintained by the Registrar of Companies, Guwahati. The Registrar of Companies, North Eastern Region, Guwahati, the Respondent herein, is directed to restore the....... + More
- 2021 (10) TMI 207 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Restoration of name of the company in the Register of companies - Section 252(1) & (3) of the Companies Act, 2013 - HELD THAT:- The Appellant has submitted sufficient evidence that it has been in operation during the period preceding strike off, therefore, it could not be termed as a defunct company as per Section 252 of the Act. Thus, taking into consideration the provisions of Section 252(1) of the Companies Act, 2013, which vests this Tribunal with a discretion where the Company, whose name has been struck off, and such Company is able to demonstrate that it is just to do so, can restore the name of the Company, in the Register and in the interest of all stakeholders, including the Appellant itself, who seeks restoration of the name of the Company in the register maintained by Registrar of Companies, the company deserve to be resto....... + More
- 2021 (10) TMI 138 - DELHI HIGH COURT
Equitable, appropriate, proper and efficient administration of justice - power of superintendence over Hon'ble National Company Law Tribunal - appeal under Section 421 of the Companies Act, 2013 - HELD THAT:- Without any observations on the aspect as to whether in view of the order dated 16.3.2020 of the NCLAT dismissing the appeal Company Appeal( AT) 75/2020, the prayers made in the present petition can be considered, it is essential to observe that vide order dated 13.1.2021 in the present proceedings, the petitioner represented through her legal representative had submitted that CA. No. 373/2008 in relation to which a prayer was made in the present petition, i.e., W.P.(C) No. 6798/2020 which CA. No. 373/2008 had been filed before the NCLT, was intrinsically linked to Crl.M.(Co.) 3/2008. In view of the proceedings dated 23.8.2021 an....... + More
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