Authority: National Company Law Tribunal (NCLT), Kolkata Bench

Order Date: 30th June, 2026

Case Overview

This Interlocutory Application (IA No. 118/KB/2026) was filed by Payaash Capital (Singapore) Pte. Ltd. (Applicant/Petitioner) against Trinity Alternative Investment Managers Limited & Ors. (Respondents) in the main Company Petition No. 157/KB/2025. The application was filed under Rule 11 of the NCLT Rules, 2016. The Applicant sought several reliefs, primarily the appointment of a new independent administrator and a stay on a previous order dated 10th April, 2026. The background involves a long-standing dispute under Sections 241 and 242 of the Companies Act, 2013 concerning the governance of Respondent No. 1, Trinity Alternative Investment Managers Limited. A previous administrator, Mr. D. Arvind (former NCLT Technical Member), had been appointed by an order dated 17th October, 2025, to preside over meetings to select independent directors. Mr. Arvind later expressed unwillingness to continue, leading to the order dated 10th April, 2026, which appointed Mr. Satya Ranjan Prasad (former NCLT Technical Member, Mumbai) as the new administrator. The Applicant expressed apprehension that this appointment, proposed by Respondent No. 2 (SREI Infrastructure Finance Limited), would tilt the company's board and erode investor confidence, contrary to the tribunal's goal of ensuring professional and unbiased management.

Final Outcome

The NCLT Bench, comprising Member (Judicial) Smt. Bidisha Banerjee and Member (Technical) Ms. Rekha Kantilal Shah, disposed of the application. The tribunal did not find merit in the Applicant's apprehension regarding Mr. Prasad's appointment. However, to address the concern over his independence, the tribunal modified its own order dated 10th April, 2026, by directing that the word 'Independent' be inserted before 'Administrator' in paragraph 6 of that order. The tribunal clarified that the prayers for a new administrator would only be considered if Mr. Prasad himself expresses unwillingness to take up or continue the assignment. Furthermore, the tribunal formally appointed Chokshi & Chokshi LLP as the forensic auditor for Respondent No. 1, pursuant to its earlier order dated 9th January, 2026, and fixed their remuneration at ₹5 lakhs. The application was disposed of with no order as to costs.

Topics: NCLT Order, Corporate Governance, Administrator Appointment