SC sets aside NCLAT nod to Byju’s settlement with BCCI
Observing that the NCLAT did not apply its mind while delivering the impugned decision, the apex court directed a fresh adjudication on the insolvency proceedings.
The Supreme Court on Thursday stayed the National Company Law Appellate Tribunal’s (NCLAT) which had dismissed the plea of Registrar of Company’s (RoC) seeking modification of its verdict in the Tata-Cyrus Mistry case.
Tata Sons had challenged in the apex court the NCLAT’s January 6 order on conversion of Tata Sons from a public to a private company. A bench, comprising Chief Justice S A Bobde and Justices B R Gavai and Surya Kant, agreed to hear the appeal of Tata Sons Pvt Ltd (TSPL) and issued notice to the parties concerned.
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The National Company Law Appellate Tribunal (NCLAT) had on January 6 rejected the plea by the RoC to modify the appellate tribunal’s judgement in the Tata-Mistry case.
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The NCLAT had in its December 18 verdict termed the RoC’s decision to allow conversion of Tata Sons from a public to private company as illegal, while the RoC had filed a plea at the appellate tribunal to remove the word “illegal” from its verdict, among other observations.
The two-judge bench headed by NCLAT Chairman Justice S.J. Mukhopadhaya had observed that the judgment did not cast any aspersions on the RoC.
Posting the matter for hearing after four weeks, the Supreme Court had, on January 10, stayed the NCLAT order reinstating Cyrus Mistry as Tata Sons Chairman. Chief Justice S.A. Bobde said the NCLAT had granted a prayer not made.
However, Mistry has already made a statement that he is no longer interested in taking up the chairmanship of Tata Sons.
(With input from agencies)
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