Case Details

Case Name: Sandeep Khurana & Anr. Vs. Knitcraft Apparels International Pvt. Ltd. & Ors.

Court/Authority: National Company Law Tribunal (NCLT), New Delhi Special Bench

Case Number: CP 65/241-242/PB/2026

Order Date: 27 May 2026

Nature of Case: Petition filed under Sections 241-242 of the Companies Act, 2013, read with Rule 244 and Rule 339, concerning oppression and mismanagement.

Parties Involved

Petitioners: Sandeep Khurana & Anr., represented by Mr. S. S. Ray, Senior Advocate along with Mr. Satvinder Singh and Mr. Yash Chopra, Advocates.

Respondents: Knitcraft Apparels International Pvt. Ltd. & Ors., represented by Ms. Neelima Tripathi, Advocate along with Mr. Gaurav Vig, Ms. Meenakshi Kalra, Ms. Kriti Sharma, Ms. Anjali Chaudhury and Mr. Mayank Dhiyania, Advocates.

Issues / Allegations / Violations

The Petitioner, Mr. Sandeep Khurana, holds a 50% shareholding in the company. Respondent Nos. 2 and 3 together hold the remaining 50% shares.

The primary allegation is that the Respondents are operating the bank accounts of the Company without the consent of the Petitioner and are diverting company funds into their private accounts.

Findings & Observations

The Tribunal noted that the Petitioner and Respondent Nos. 2 and 3 are closely related to each other. No reply has been filed by the Respondents despite previous orders. The Tribunal deemed it appropriate to direct the parties to appear in court to facilitate a settlement.

Penalties / Settlements / Directions

No monetary penalties or disgorgement orders were issued in this interim hearing.

The Tribunal issued the following interim directions:

  • The Company's bank accounts shall be operated only with the consent and signatures of the Petitioner (Mr. Sandeep Khurana) and Respondent Nos. 2 and 3 until the next date of hearing.
  • The Petitioner, Mr. Sandeep Khurana, who was present in court, undertook that he shall fully cooperate with Respondent Nos. 2 and 3 in operating the accounts and running the business of the Company.
  • The Respondents were given liberty to file their reply before the next date of hearing.

Corrective Actions & Future Obligations

The parties are directed to appear before the Court on the next date of hearing (04 June 2026) to facilitate a settlement. The interim arrangement for joint operation of bank accounts is to continue until then.

Final Ruling & Enforcement

This is an interim order. The matter is listed for further hearing on 04 June 2026. The interim directions on bank account operations are effective immediately and will be enforced until the next hearing.