2021 (9) TMI 1485 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

Winding up of Company - fraudulent conduct - failure to disclose that the limitation to file a winding up petition is three years from when the 'right to apply accrues' as per Article 137 of the Limitation Act, 1963 - exclusive jurisdiction of Tribunal to adjudicate matters under Section 271(c) of the Companies Act, 2013 - contention of Appellant is that a private dispute of the Agreement dated 28.01.2005 executed between the Appellant and the 1st Respondent cannot be a part of fraud as per Section 271(c) of the Companies Act.

HELD THAT:- This Tribunal has elaborately discussed the defence raised by Devas in the winding-up petition. This Tribunal believes that the defence raised by Devas is not substantial, and Devas deserves to be wound up on the grounds of Section 271(c) of the Companies Act, 2013. Accordingly, the finding of the Ld National Company Law Tribunal needs no interference from this Appellate Tribunal, and both the Appeals deserves to be dismissed.