NCLAT Dismisses Appeal by Suspended Directors, Upholds ₹2.65 Cr Recovery Order

Praful Satra & Ors Vs Vaishali Patrikar (NCLAT Delhi) National Company Law Appellate Tribunal (NCLAT), New Delhi, has dismissed an appeal filed by Praful Satra & Ors., the suspended directors of M/s Satra Properties (India) Ltd., thereby upholding an order issued by the National Company Law Tribunal (NCLT), Mumbai. The NCLT’s directive mandates the recovery of ₹2.65 Crore, along with 15% interest, from the erstwhile directors due to a transaction deemed fraudulent. The NCLAT found no grounds to interfere with the NCLT’s findings, which identified the transaction as an act for...