Supreme Court Reprimands NCLAT for Ex-Parte Order in Matrix-Tianish Merger
The Supreme Court criticized the National Company Law Appellate Tribunal (NCLAT) at Chennai for passing an order expunging restrictions on the merger of Matrix Pharmacorp Pvt Ltd and Tianish Laboratories Pvt Ltd without issuing notice to affected parties.
"This NCLAT does not have the common sense to issue a notice and then hear? Passing a 30-page order ex-parte,"
A Bench of Justice Surya Kant and Justice Joymalya Bagchi was unimpressed by the fact that the order was passed ex-parte without giving the affected parties an opportunity to respond, in the case of Ras Al Khaimah Investment Authority Vs Matrix Pharmacorp.
Author's summary: Supreme Court criticizes NCLAT's ex-parte order.