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Section 242 Challenge Rejected; NCLT Can Examine Alleged Sham Transactions Without Consent: NCLAT Delhi
Case Law Details
- Case Name
- Infrastructure Leasing & Financial Services Ltd. Vs Union of India & Ors. (NCLAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
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- NCLAT
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Infrastructure Leasing & Financial Services Ltd. Vs Union of India & Ors. (NCLAT Delhi)
Conclusion: Section 242(1) conferred overriding and comprehensive equitable powers upon the NCLT to grant appropriate relief in cases of oppression and mismanagement, including declaring fraudulent or sham transactions void. The consent requirement contained in the proviso to Section 242(2)(f) applied only to the modification or termination of valid contractual arrangements and could not restrict the Tribunal’s jurisdiction to examine and nullify transactions alleged to be fra...
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