Authority: National Company Law Tribunal, New Delhi Court-IV (Special Bench)
Order Date: 14 July 2026
Case Overview
The matter concerns a joint application under Sections 230-232 of the Companies Act, 2013 filed by Jupiter Exim Pvt Ltd, Fastflow Vincom Pvt Ltd, and Paragon Advisory Services Pvt Ltd, seeking approval for a scheme of arrangement. The hearing was conducted in hybrid mode (physical and video conference). Representatives for the applicants, Official Liquidator (OL), Regional Director (RD), and Income Tax Department were present. The Official from the RD's office submitted that they had received and reviewed the petitioner company's response to observations in their report and had no further observations to make. The Income Tax Department filed a consolidated report for all companies involved. The petitioner company filed an affidavit giving an undertaking on behalf of the transferee company to bear any future Income Tax liabilities that may arise in respect of the transferor companies. The Official Liquidator filed a report stating, based on information submitted by the Petitioner Companies, that the affairs of Transferor Companies 1 to 8 did not appear to have been conducted in a manner prejudicial to the interests of their members or to public interest under the provisions of the Companies Act, 2013.
Final Outcome
The bench, comprising Member (Judicial) Shri Mahendra Khandelwal and Member (Technical) Shri Yogendra Kumar Singh, reserved its order in the matter. A final ruling is pending.
Topics: Corporate Restructuring, NCLT Proceeding