2026 INSC 226 NON-REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NOS.9052–9053 OF 2022 MONIVEDA CONSULTANTS LLP AND ANOTHER … APPELLANTS VERSUS SHAJAS DEVELOPERS PRIVATE LIMITED AND OTHERS …RESPONDENTS WITH CONTEMPT PETITION (C) NOS.616–617 OF 2023 AND CONTEMPT PETITION (C) NOS.641–642 OF 2025

O R D E R

AUGUSTINE GEORGE MASIH, J

1. The present Appeals are directed against the order dated 11.10.2022 (“Impugned Order”) passed by the National Company Law Appellate Signature Not Verified Tribunal, New Delhi (“NCLAT”), in Company RAJNI MUKHI Date: 2026.03.11 Reason:

Appeal (AT) No.104 of 2021 along with Contempt Case (AT) No.02 of 2022, whereby the NCLAT set aside the order dated 29.07.2021 passed by the National Company Law Tribunal, Mumbai Bench (“NCLT”) declining interim relief in CA Nos.147 and 199 of 2021 in CP No.159(MB) of 2021, but confined interim protection to a direction restraining the parties from taking any “perceptive steps” for a period not exceeding one month, and further directed that the contempt proceedings be heard by the NCLT.

2. The Appellant No.1, Moniveda Consultants LLP (formerly Gauri Rajeshwari Consultants Pvt. Ltd.), claims to be a 40% shareholder of Respondent No.1, Shajas Developers Private Limited. The Appellant No.2 is a partner of Appellant No.1 and was appointed as a Promoter-Director of Respondent No.2, JLS Realty Private Limited. Respondent No.1 is a holding company which holds the entire share capital of Respondent No.2. Respondent No.2 is engaged in the business of slum redevelopment and owns land admeasuring approximately 21,727 square metres situated at Shankarwadi, Jogeshwari (East), Mumbai, along with attendant development rights, stated to be valued at approximately Rs. 1000 crores. Mr. Suketu Viren Shah, Respondent No.3 is the personal guarantor of certain loans secured by the Respondent No.2 and alleged mastermind to usurp the Appellant’s assets in Respondent No.2, he is alleged to have full control over Respondent No.4, Neelakantan Krishnan Iyer and Respondent No.5, Mangesh Pandurang Kadam, who are the shareholders of Respondent No.1.

3. Respondent No.2 was incorporated in February

2008, and Respondent No.1 was incorporated on 29.07.2009. In 2009, Meshulam Levinstein Contracting and Engineering Ltd., an Israeli entity, entered as a strategic joint venture partner in Respondent No.2. As on July 2009, Respondent No.1 held 35.92% of the shareholding of Respondent No.2, while the Levinstein Group held 64.08%, with a six-

member board comprising equal representation from both sides.

4. Between 2013 and 2016, Respondent No.2 borrowed substantial sums from IIFL Finance Limited, an NBFC, with total outstanding liabilities aggregating to approximately Rs. 275 crores as on 31.03.2016. Respondent No.3 furnished personal guarantees in respect of such borrowings. The project encountered serious financial and operational distress, including encroachments, lack of approvals, and inability to launch sales.

5. In May 2016, Appellant No.2 claimed to have assisted in negotiating the exit of the Israeli joint venture partner. By a Securities Purchase Agreement dated 06.05.2016, the Levinstein Group exited Respondent No.2 by selling its 64.08% stake to Respondent No.1 for approximately Rs. 1.2 crores. Consequently, Respondent No.2 became a wholly owned subsidiary of Respondent No.1.

6. On the same date i.e. 06.05.2016, Appellant No.1 entered into arrangements for acquisition of the entire shareholding of Respondent No.1 in two tranches. Pursuant thereto, Respondent Nos.4 and 5 handed over 4,000 equity share certificates of Respondent No.1 along with signed share transfer forms (SH-4) in favour of Appellant No.1. The Appellant No.1 agreed to undertake the responsibility of all present and future liabilities of Respondent No.2 by entering into Side Letter dated 06.05.2016. Appellant No.2 was inducted into the board of Respondent No.2 as an Additional Director on 23.05.2016, and hi