NCLAT upholds NCLT order dismissing Titus Babu's appeal seeking recognition of membership rights in Sintex Industries after share cancellation under Resolution Plan.
Appellant claimed Rs 82.3 crore compensation for 1,35,000 cancelled shares, arguing Resolution Plan implementation wrongfully omitted him from Register of Members.
Tribunal ruled Resolution Plan approved under IBC extinguished all shareholder rights, and Section 59 of Companies Act cannot revive extinguished capital or award compensation.
NCLAT found no violation of natural justice and confirmed IBC's overriding effect over Companies Act in insolvency resolution matters.