Case Details

Case Name: Sanjeev Jain vs Nexgen Fluoropolymers Pvt Ltd. & Ors.

Court/Authority: National Company Law Tribunal, New Delhi Court-IV

Case Numbers: IA/195/ND/2026 in CP/156/PB/2020; Multiple connected applications including CA/105/ND/2026

Date of Order: 19 May 2026

Legal Basis: Section 241-242 of the Companies Act, 2013 (Oppression and Mismanagement)

Parties Involved

Petitioner: Sanjeev Jain

Respondents: Nexgen Fluoropolymers Pvt Ltd. & Others

Legal Representatives: Multiple advocates including Mr. Mrinal Harsh Vardhan, Mr. Pradhumn Rao, Mr. Virag Kumar Agarwal, Mrs. Shalini Agarwal, Ms. Naina Agarwal, Adv Saurabh Kalia, Adv Ashutosh Gupta, and Adv Ajitesh Kumar

Tribunal Members: Shri Mahendra Khandelwal (Member Judicial) and Shri Atul Chaturvedi (Member Technical)

Issues / Allegations / Violations

The application (CA/105/ND/2026) sought interim relief regarding control of the company's banking operations. The specific prayer requested directions for Respondent No.2 to immediately hand over all banking credentials, including internet banking access, OTP control, user IDs, passwords, registered email IDs, and any other access mechanisms relating to the financial and internet banking operations of the company to joint signatory Mr. Vinod Kumar.

Findings & Observations

The Tribunal heard arguments from Ld. Counsel Mr. Saurabh Kalia on behalf of the applicant, counsel for the petitioner of the main matter, and counsel for respondent no.2. The Tribunal determined that there is a need to ensure smooth functioning of the company regarding its banking transactions and compliance matters.

Penalties / Settlements / Directions

The Tribunal disposed of the application with specific directions:

  • All banking transactions of the company shall be managed by the existing two Board of Directors: Shri Naveen Gupta and Shri Sanjeev Jain
  • Respondent No.2 shall facilitate the Board for smooth banking transactions of the company
  • Respondent No.2 shall facilitate other compliances of the company
  • The matter is essentially about ensuring operational continuity rather than imposing penalties

Final Ruling & Enforcement

The application IA/195/ND/2026 was listed for hearing on 14 July 2026. Multiple connected applications including IA/11/ND/2025, CA/400/ND/2023, CA-417/2021, Cont. P 09/2021, IA/440/ND/2025, CA-450/2022, CA/45/ND/2026, and CA/91/ND/2026 were also adjourned to 14 July 2026 for further hearing. The interim arrangement for banking operations will remain in effect until further orders.