Neeraj Singal & Anr Vs Tata Steel Ltd. & Anr. (Supreme Court of India)
Having heard Shri Harin P. Raval, learned Senior Advocate, appearing on behalf of the appellants and Dr. Abhishek Manu Singhvi, learned Senior Advocate, appearing on behalf of the contesting respondents and having gone through the impugned judgment and order passed by the National Company Law Appellate Tribunal [NCLAT], we see no reason to interfere with the same. As such, we are in complete agreement with the view taken by the National Company Law Tribunal [NLCT] as well as the NCLAT.
If the submission on behalf of the appellants, as canvassed before the NCLAT and before this Court is accepted in that case, according to us, the Resolution Plan shall not be workable at all. At this stage, it is also required to be noted that the appellants are the erstwhile Promoters and therefore they cannot be continued to be in the Company in any capacity may be as shareholders as rightly observed by the NCLAT.
The Appeal stands dismissed.
Pending applications stand disposed of.
