Exclusive Capital Ltd. & Ors Vs Kanta Agarwala & Anr (NCLAT Delhi)
National Company Law Appellate Tribunal (NCLAT) in Delhi has admitted an appeal filed by Exclusive Capital Ltd. & Ors. challenging an order of the National Company Law Tribunal (NCLT), emphasizing that any future decisions by the NCLT in a contentious application will remain subject to the final outcome of the NCLAT appeal and relevant Supreme Court orders. The NCLAT’s decision follows an urgent request for preponement of the hearing, driven by the appellants’ apprehension of adverse orders from the NCLT, which they contend is functus officio.
The core of the dispute revolves around the NCLT’s jurisdiction to proceed with an application (I.A. No. 115 of 2025) in a matter that the appellants claim has already been disposed of. This application, filed by Kanta Agarwala & Anr. (Respondent No. 1 and 2), seeks various prayers, including the re-appointment of an administrator for Exclusive Capital Limited.
Genesis of the Legal Battle
The saga began with a petition filed under Sections 241 and 242 of the Companies Act, 2013, addressing allegations of oppression and mismanagement within Exclusive Capital Limited. On May 15, 2024, the NCLT initially disposed of the main petition by appointing an administrator.
