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The NCLAT upheld the NCLT’s order dated 01.04.2022 holding that union of India’s intervention in the affairs of the Delhi Gymkhana Club, resulting in the erstwhile management of the Club being superseded by a 15 member general committee appointed by the Union of India to manage the affairs of the club, was necessitated in view of the rampant mismanagement by the erstwhile general committee.
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The Supreme Court, upon hearing the arguments, noted that both the free certified copy and the certified copy obtained through payment are treated equally under law. The Court allowed the appeal and said that there should be no distinction between the two types of certified copies when it comes to the computation of limitation periods for filling appeals.
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The Code, over a brief span of 7 years, has come as a respite to the withering economy as it has provided a more efficient and effective system for resolving distressed entities. Though the Code has witnessed noteworthy changes, the same has come with its share of challenges and opportunities writes Anoop Rawat, Partner, Shardul Amarchand Mangaldas
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The judges of NCLAT informed the investors' counsel this that as an appellate court, they cannot intervene in matters that are "yet to mature" in NCLT
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