Case Note & Summary
The appeal arose from an order of the National Company Law Tribunal, Kolkata, concerning the maintainability of a petition under Section 73 of the Companies Act, 2013. The appellants contended that the petition was not maintainable based on a Gazette Notification issued by the Ministry of Corporate Affairs, which exempted private companies from certain clauses of Section 73. The Tribunal examined the notification and noted that while clauses (a) to (e) of sub-section (2) of Section 73 were indeed not applicable to private companies, Section 73 itself was not rendered inapplicable. The court emphasized that clause (f) of sub-section (2) remained enforceable, thus undermining the appellants' argument. The Tribunal concluded that the merits of whether the amounts claimed fell within the definition of a deposit were still to be determined by the NCLT. Consequently, the appeal was dismissed, and pending interim applications were also disposed of.
Headnote
A) Company Law - Maintainability of Petition - Applicability of Section 73 - Companies Act, 2013, Section 73 - The appeal challenged the maintainability of a petition under Section 73, arguing that the relevant notification exempted private companies from its provisions. The court clarified that while certain clauses of Section 73 were not applicable, the section itself remained enforceable, leading to the dismissal of the appeal. Held that the merits of the case regarding the definition of deposit remain open for determination by the NCLT (Paras 1-3).
Issue of Consideration
Whether the petition under Section 73 of the Companies Act, 2013 is maintainable for a private company.
Final Decision
The appeal was dismissed, and the pending interim applications were also disposed of.
Law Points
- Maintainability of petition
- Private company exceptions
- Section 73 applicability
Case Details
2026 LawText (NCLAT) (05) 58
Company Appeal (AT) No. 254 of 2025
Justice Yogesh Khanna, Mr. Ajai Das Mehrotra
Mr. D. Abhinav Rao, Mr. Aniket Singla, Ms. Hima Lawrence, Mr. Vikram Hegde, Mr. Gaurav Kumar
Kampalapura Narasimaiah Jayalakshmi & Anr.
Vistara Media Pvt. Ltd. & Ors.
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Nature of Litigation
Appeal against an order of the National Company Law Tribunal regarding maintainability of a petition.
Remedy Sought
The appellants sought to challenge the maintainability of the petition under Section 73.
Filing Reason
The appellants argued that the petition was not maintainable based on a Gazette Notification.
Previous Decisions
The National Company Law Tribunal had previously ruled on the maintainability issue.
Issues
Whether the petition under Section 73 is maintainable for a private company
Submissions/Arguments
The appellants argued that the petition was not maintainable due to the Gazette Notification.
The respondents contended that Section 73 itself remained applicable despite the notification.
Ratio Decidendi
The court held that while certain clauses of Section 73 were not applicable to private companies, the section itself remained enforceable, allowing the NCLT to determine the merits of the case.
Judgment Excerpts
This appeal is against an impugned order dated 28.07.2025
The perusal of the notification above would show only clauses (a) to (e) of sub-section (2) of section 73 are not applicable in cases of private Companies
Rest on merits qua the fact as to if the amounts claimed fall within the definition of deposit is still a question to be decided by the Ld. NCLT.
Procedural History
The appeal was filed against an order of the National Company Law Tribunal, Kolkata, which addressed the maintainability of a petition under Section 73.
Acts & Sections
- Companies Act, 2013: Section 73
