SC: Whether Admission Of Petition By NCLT Is Valid When A Civil Suit Is Pending

Last updated: 06 August 2022

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The Supreme Court has ruled that a petition filed before the National Company Law Tribunal (NCLT) for oppression and mismanagement is not maintainable when a civil suit concerning the ownership of the shares is already pending. The court found that the petitioner did not hold the required threshold of shares to file such a petition and that his entitlement to the shares was under dispute in the civil suit. Therefore, the NCLT proceedings were set aside, with liberty to refile if the civil suit is decided in his favour and the shareholding threshold is met.

Court :
Supreme Court of India

Brief :
We reiterate that we have left all the questions to be decided in the pending civil suit. Impugned orders passed by the NCLT as well as NCLAT are set aside, and the appeals are allowed to the aforesaid extent.

Citation :
Civil Appeal No. 9340 of 2019

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FCS Deepak Pratap Singh

Associate Vice President - Secretarial & Compliance (SBI General Insurance Co. Ltd.)

Dear Friends, MyselfFCSDeepak P. Singh ( B.Sc.. LLB, FCS. FIII, CIAFP, CRMP, ID) , A Fellow Member of ICSI, Law Graduate ,Fellow Member of Insurance Institute of India, Certified Independent Director ,Certified Insurance Anti Fraud Professional , Certified Risk Governance Professional ( ICSI-III) and cleared Limited I ... Read more

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