Authority: National Company Law Tribunal, Ahmedabad Bench (Court-2)
Order Date: 16/06/2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard matters CP 34 of 2020 and IA/49(AHM)2023, which were proceedings under Sections 241-242 of the Companies Act, 2013 concerning allegations of oppression and mismanagement. The applicants were Tarun Chandrakant Parikh & Anr, while the respondents were Ambrosia Remedies Pvt Ltd & Ors. The tribunal noted that the matter had been settled between the parties in terms of previous orders of the tribunal, with mutual agreement reached on the financial consideration for the exit of the respondents from the company.
Final Outcome
The tribunal recorded that both parties had agreed to settlement terms, including the exit of respondents at a mutually decided price. The applicant's counsel was directed to finalize a draft implementation agreement within 15 days through a meeting with the respondents scheduled for the next day (June 17, 2026). The applicant was also directed to file a withdrawal application for the main petition without delay in view of the settlement. The Registrar of Companies (ROC) was directed to appear at the next hearing on July 1, 2026. The matter was listed for further consideration on July 1, 2026.
Topics: NCLT Settlement, Corporate Exit