NCLAT allowed majority shareholders to purchase company property after directors violated interim order restraining its sale

Ashok Kumar Jain & Other Vs Manoj Kumar Gupta (NCLAT Delhi) Conclusion: National Company Law Tribunal (NCLT) ahd permitted majority shareholders of a company that was facing proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), to purchase the sole immovable property owned by the company upon noting that the directors had breached an interim order restraining alienation of the asset. Held: Appellant-Mr. Ashok Jain, and M/s Hotage India had acted in contravention of the interim order dated 28.02.2023 passed by NCLT,...