Case Note & Summary
The case involved an application for modification of a prior order regarding the appointment of an independent valuer in a contempt case. The appellant, Delzad Aspy Karani, filed IA No.4017/2026 under the National Company Law Appellate Tribunal (NCLAT) Rules, seeking to replace M/s Ernst & Young Merchant Banking Services LLP with M/s Price Waterhouse & Co LLP as the independent valuer. Both parties agreed to the modification, stating that the expenses for the valuer would be covered by the company and that they would jointly provide necessary information to the valuer. The NCLAT, presided over by Justice Yogesh Khanna and Mr. Ajai Das Mehrotra, accepted the request and modified the order dated 15.05.2026 accordingly. The application was subsequently disposed of, reflecting the court's endorsement of the cooperative approach between the parties regarding the valuation process.
Headnote
A) Company Law - Modification of Orders - Appointment of Independent Valuer - National Company Law Appellate Tribunal Rules, 2016, Rule 11, Rule 31 - The appellant sought modification of a prior order to appoint a different independent valuer. The court allowed the modification and directed that expenses be borne by the company, with both parties to cooperate with the valuer. Held that the modification was appropriate under the circumstances (Paras 1-2).
Issue of Consideration
Whether the appointment of the independent valuer should be modified.
Final Decision
The NCLAT modified the order dated 15.05.2026 to appoint M/s Price Waterhouse & Co LLP as the independent valuer instead of M/s Ernst & Young Merchant Banking Services LLP, with expenses to be borne by the company and both parties to cooperate with the valuer.
Law Points
- Modification of orders
- appointment of independent valuers
- NCLAT Rules
