NCLAT Adjourns Sapat International Share Valuation Dispute

Case Name: Nikhil Jayant Joshi & Anr. vs Sapat International Pvt. Ltd. & Ors.

Court/Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi

Case Number: Company Appeal (AT) No. 180 of 2026

Hearing Date: 27 May 2026

Next Listing Date: 10 August 2026

Appellants: Nikhil Jayant Joshi & Anr.

Respondents: Sapat International Pvt. Ltd. & Ors.

Legal Representation:

For Appellants: Mr. Arun Kathpalia, Senior Advocate with multiple junior advocates
For Respondent 3: Mr. Abhijeet Sinha, Senior Advocate with Mr. Ashish Pyasi, Advocate
For Respondent 2: Mr. Krishnendu Datta, Senior Advocate with multiple junior advocates
For Respondent 1: Mr. Aman Verma with junior advocates

Dispute regarding share valuation and potential buyout of shares in Sapat International Pvt. Ltd.
Appellant alleges that a valuer was appointed by the respondent vide order dated 31 January 2025 but the valuer's report has not been filed
Appellant was inclined to buy the shares of the respondent based on the valuer's assessment
Respondents object to the buyout proposition and cite existing dispute regarding the extent of the appellant's shareholding

The impugned order (previous order being appealed) had rejected the prayer for buyout of shares by either party
The tribunal noted the existence of a dispute regarding the extent of the appellant's shareholding

Tribunal directed that if the appellant wishes to pursue the buyout proposition, they must file an appropriate application for appointing a valuer
Respondents directed to file their reply within four weeks from 27 May 2026
Appellant may file rejoinder within four weeks after receipt of reply
Matter adjourned and listed for next hearing on 10 August 2026

The matter remains pending before the NCLAT
No final ruling has been made yet
The case will proceed based on the filing of responses and potential valuation application