Indusind Bank Ltd. & Anr. Vs Neetu R. Menda (NCLAT Delhi)
The National Company Law Appellate Tribunal (NCLAT), New Delhi, in Indusind Bank Ltd. & Anr. Vs Neetu R. Menda, allowed an application seeking release of ₹78,36,715 along with accrued interest, if any, deposited with the Tribunal’s Registrar. The dispute originated from Company Petition No. 4770/(MB)/2018 filed under Section 59 of the Companies Act, 2013, seeking rectification of the register of members and restoration of the respondent’s ownership of 5,000 fully paid-up equity shares of Appellant No. 1. The National Company Law Tribunal (NCLT) had allowed the petition and directed the appellants to restore the shares in the respondent’s name or, alternatively, jointly and severally compensate her by paying damages equivalent to the prevailing market value of the shares at the closing rate of the National Stock Exchange on the date of its order, together with costs.
Aggrieved by the NCLT’s directions, the appellants preferred an appeal before the NCLAT. Pursuant to an order dated 11 December 2024, they deposited ₹78,36,715 with the Registrar of the Appellate Tribunal. Subsequently, the appeal was dismissed, following which Neetu R. Menda filed an application seeking withdrawal of the deposited amount along with accrued interest. The application also sought permission to remit the amount directly to her bank account in accordance with the particulars furnished in the application.
During the hearing, counsel appearing for the appellants expressly stated that there was no objection to releasing the deposited amount in favour of Neetu R. Menda. Considering the dismissal of the appeal and the absence of opposition from the appellants, the NCLAT allowed the application in terms of the directions sought. Accordingly, I.A. No. 2375 of 2026 was disposed of, permitting release of ₹78,36,715 together with accrued interest, if any. The order concerns implementation of the relief following dismissal of the appeal and does not independently reconsider the merits of the underlying share ownership dispute.
FULL TEXT OF THE NCLAT JUDGMENT/ORDER
This application is filed for directions to the Registrar of this Tribunal to forthwith release the sum of Rs. 78,36,715/- along with accrued interest, if any, as deposited by the Appellants, in favour of the Applicant/Respondent or to remit the said amount to the Applicant’s bank account as per the particulars set out in paragraph 15 of the present application.
2. The Applicant/Respondent had filed a Company Petition No. 4770/(MB)/2018 under Section 59 of the Companies Act, 2013 seeking rectification of the register of members of Appellant No. 1 and restoration of her name as the lawful owner of 5,000 fully paid-up equity shares of the Appellant No. 1. The Ld. NCLT had allowed the said company petition and directed the Appellants to rectify the register of members by restoring the 5,000 shares in the name of Respondent/Applicant, or in the alternative, jointly and severally compensate the Respondent/Applicant by paying damages equivalent to the prevailing market value of the shares at the closing rate of the National Stock Exchange as on the date of the order, along with costs.
3. The Appellant preferred the appeal and per Order dated 11.12.2024 deposited an amount of Rs. 78,36,715/- with the Registrar of this Tribunal. Admittedly, the appeal is dismissed, hence this application for withdrawal of the said amount along with accrued interest.
4. The Ld. Counsel for the Appellants is present and he has no objection in case the amount is released in favour of the Applicant/Respondent, namely, Neetu R. Menda.
5. Considering the above, the application is allowed in terms of the directions made therein. I.A. No. 2375 of 2026 is disposed of.
