Adv.(CA)V.Venkata Sivakumar Vs National Company Law Appellate Tribunal (NCLAT) (Madras High Court)
The Madras High Court dismissed a writ petition seeking a direction to the National Company Law Appellate Tribunal (NCLAT) to adjudicate allegations of fraud, collusion, undervaluation, and suppression relating to a scheme of compromise in a company amalgamation application. The petitioner argued that irregularities had occurred in connection with the amalgamation proceedings and that certain parties had acted in violation of the objectives of the Insolvency and Bankruptcy Code, 2016. The Court observed that Section 61(1) of the Insolvency and Bankruptcy Code provides a statutory appellate remedy to any person aggrieved by an order of the adjudicating authority before the National Company Law Appellate Tribunal. It further noted that if a party is aggrieved by the order of the appellate tribunal, an appeal may be filed before the Supreme Court under Section 62 of the Code. The Court held that when such statutory remedies are available, a writ petition under Article 226 concerning matters pending before the National Company Law Tribunal is not maintainable. The petition was therefore dismissed, granting liberty to the petitioner to pursue remedies under the law.
FULL TEXT OF THE JUDGMENT/ORDER OF MADRAS HIGH COURT
