Writing Off Debt is Commercial Decision, Not Requires Judicial Intervention: NCLAT

S.P.Velumani Vs Magnum Spinning Mills India Pvt. Ltd (NCLAT Delhi) Writing Off Debt Is Purely Commercial Nature Not Required Judicial Intervention: NCLAT Delhi Summary: The National Company Law Appellate Tribunal (NCLAT) in Delhi upheld the decision of the National Company Law Tribunal (NCLT), Chennai, by dismissing an appeal filed by S.P. Velumani against Magnum Spinning Mills India Pvt. Ltd. The appellant, a founder, director, and shareholder, alleged oppression and mismanagement by the majority shareholders. The core of his complaint revolved around several issues, including the siphoning...