Exclusive Capital Limited Vs Kanta Agarwala (NCLAT Delhi)
Summary: The present appeal was filed by Exclusive Capital Limited, Mr. Satya Prakash Bagla and Mr. Achal Kumar Jindal under Section 421(1) of the Companies Act, 2013 against the NCLT, New Delhi Bench (Court-II) order dated 16.04.2025 in I.A. No. 115/2025 in C.P. No. 48/ND/2024. The Appellants contended that, after the Company Petition had been disposed of on 15.05.2024, the Tribunal had become functus officio and lacked jurisdiction to entertain the subsequent Suspension Application. They also relied upon the pending appeals, proceedings before the Delhi High Court and Supreme Court, and regulatory proceedings before the RBI. The Respondents contended that the 15.05.2024 order was interim, that the substantive Company Petition remained pending, and that the Supreme Court’s order dated 24.02.2025 expressly permitted parties to approach the NCLT/NCLAT for appropriate directions in accordance with law.
The Tribunal examined three issues: whether the NCLT had become functus officio after the order dated 15.05.2024; whether the Supreme Court’s order dated 24.02.2025 deprived the NCLT of jurisdiction; and whether the impugned interim order warranted appellate interference. In considering the first issue, the Tribunal relied on the continuing appellate challenge to the 15.05.2024 order and the subsequent orders maintaining judicial supervision over the company. It reproduced the NCLAT orders dated 22.05.2024, 31.05.2024, 23.07.2024, 09.09.2024 and 16.12.2024, under which status quo was maintained, an Administrator was redesignated as an Observer, and directions concerning the company’s affairs were continued. It also considered the Supreme Court order dated 02.12.2024 declining interference with the NCLAT order dated 23.07.2024.
