NCLT May Waive Eligibility Criteria U/S 244(1)(b) Of Companies Act When Allegations Of Oppression & Mismanagement Are Not Previously Adjudicated: NCLAT

The NCLAT ruled that the NCLT may waive the eligibility criteria under Section 244(b) of the Companies Act in cases involving allegations of oppression and mismanagement that have not been previously adjudicated. Section 244(b) specifies the requirements for filing a petition for oppression and mismanagement. The appellate tribunal's decision provides some flexibility in allowing such petitions to be heard even if the strict eligibility criteria are not met, particularly when serious allegations warrant judicial scrutiny.