Jackie Shroff Vs Atlas Equifin Pvt Ltd (NCLT Mumbai)
The NCLT Mumbai issued a contempt show cause notice to Atlas Equifin Private Limited concerning non-compliance with orders directing payment of amounts admitted as payable to the petitioner in connection with a buy-back. The Respondent stated that it had challenged the Tribunal’s order dated 15.06.2026 before the NCLAT, with the appeal listed for 20.08.2026, and was also contemplating an application for recall. The Tribunal observed that its 15.06.2026 order required payment only of the admitted component of the decretal amount, while the contested component was left for adjudication by the NCLAT.
The Tribunal recorded that on 15.06.2026, Atlas Equifin had been directed to liquidate amounts lying in its bank account, PMS account with Karma Capital Advisors Pvt. Ltd., and receivables from Grandway Technologies Pvt. Ltd. and Genejunction Healthcare Services Pvt. Ltd., and pay the admitted amount to the petitioner within 30 days. The Tribunal had also indicated that garnishee orders could be issued if those amounts were not liquidated.
The record further referred to earlier proceedings. On 04.12.2024, Atlas Equifin had stated that the Tribunal’s 10.02.2023 order had attained finality following dismissal of its Civil Appeal before the Supreme Court. On 21.02.2025, the Tribunal directed deposit of 25% of the amount determined by Atlas Equifin’s valuer into an Escrow Account or production of a demand draft. On 09.04.2025, Atlas Equifin proposed payment within 30 days upon transfer of 100% of the petitioner’s shares.
