Authority: National Company Law Tribunal (NCLT), Division Bench (Court–I), Chennai
Order Date: 06 July 2026
Case Overview
The National Company Law Tribunal (NCLT), Chennai, presided over by Hon'ble Shri Sanjiv Jain, Member (Judicial) and Hon'ble Shri Venkataraman Subramaniam, Member (Technical), heard a cluster of matters. The main petition is CP/89(CHE)2021, filed by P K Jameela against Kutty Flush Doors and Furniture Company Pvt Ltd. Interlocutory Applications numbered IA/3(CHE)2021, IA/95(CHE)/2022, and IA/128(CHE)/2024 were also heard. Multiple counsels were present representing the petitioner, various respondents (R1, R2, R3, R5, R6, R7, R9), and the Registrar of Companies (RoC). The core development from the hearing is that the petitioner, P K Jameela, has in principle agreed to take an exit from the company, Kutty Flush Doors and Furniture Company Pvt Ltd. The specific terms of this exit are currently being finalized between the parties.
Final Outcome
The Tribunal did not issue a final ruling but gave procedural directions. It directed the counsels for the parties to file a draft settlement agreement for the Tribunal's consideration. The main petition and all connected applications have been adjourned and are listed next for hearing on 20 July 2026 at 2.30 PM. The Tribunal specifically directed all parties to be present on that date.
Topics: NCLT Proceeding, Corporate Settlement, Shareholder Exit