Indiabulls Real Estate Limited Ors vs Department of Income tax

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2025 Supreme(Online)(NCLAT) 82

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Hon'ble Justice Yogesh Khanna (Member(Judicial)) , Hon'ble Mr. Ajai Das Mehrotra (Member (Technical)) ,
Indiabulls Real Estate Limited Ors – Appellant
Versus
Department of Income tax – Respondent

Ms. Munisha Gandhi, Sr. Advocate with Ms. Salina Chalana, Advocate for Appellant No. 1. Mr. Vaibhav Sharma, Advocate for Appellant No. 2-3. Mr. Gaurav Gupta, Sr. SC with Mr. Shivendra Singh, Mr. Yojit Pareek, Advocates for Income Tax. Mr. Sajjan Poovayya Sr. Advocate with Mr. K.V. Girish Chowdary, Mr. Palash Maheshwari, Mr. D. Satya Sai Sumanth, Advocates for Intervention Applicant. Mr. Sajjan Poovayya Sr. Advocate with Mr. K.V. Girish Chowdary, Mr. Palash Maheshwari, Mr. D. Satya Sai Sumanth, Advocates.

JUDGMENT

(Hybrid Mode)

[Per: Ajai Das Mehrotra, Member (Technical)]

Company Appeal (AT) No. 120 of 2023 is filed by Indiabulls Real Estate Ltd. (hereinafter called the ‘IBREL’ or the ‘Transferee Company’), NAM Estates Private Limited (hereinafter called the ‘NAMEPL’ or the ‘Transferor Company No. 1’) and Embassy One Commercial Property Developments Private Limited (hereinafter called ‘EOCPDPL’ or the ‘Transferor Company No. 2’) against the order dated 09.05.2023 in CA No. 9/2023 & CA No. 29/2023 and CP ( CA A) No. 14/Chd/Hry/2022 passed by Ld. NCLT Chandigarh Bench, Chandigarh, wherein the Second Motion Company Petition filed by Transferee Company under Section 230 -232 of Companies Act, 2013 and other applicable provisions of the Act read with Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, in relation to the Scheme of Amalgamation between Transferee Company and Transferor Company No. 1 and Transferor Company No. 2, was rejected by Ld. NCLT, Chandigarh.

2. Company Appeal (AT) Nos. 215 and 216 of 2023 is filed by Tejo Ratna Kongara against the same impugned order dated 09.05.2023 wherein his application CA No. 9/2023 in CP ( CA A) No. 14/Chd/Hry/2022 praying for

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2025 Supreme(Online)(NCLAT) 82

NATIONAL COMPANY LAW APPELLATE TRIBUNALHon'ble Justice Yogesh Khanna (Member(Judicial)) , Hon'ble Mr. Ajai Das Mehrotra (Member (Technical)) ,Indiabulls Real Estate Limited Ors – AppellantVersusDepartment of Income tax – Respondent

Cases Referred (1)

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Hon'ble Justice Yogesh Khanna (Member(Judicial)) , Hon'ble Mr. Ajai Das Mehrotra (Member (Technical)) ,
Indiabulls Real Estate Limited Ors – Appellant
Versus
Department of Income tax – Respondent