HARI SANKARAN vs UNION OF INDIA

The Supreme Court dismissed the appeal challenging the National Company Law Appellate Tribunal's order which upheld the re-casting and re-opening of accounts of Infrastructure Leasing & Financial Services Limited (IL&FS) under Section 130 of the Companies Act, 2013. The court found that the Central Government's application for re-casting was justified due to the financial irregularities observed in IL&FS and its group companies. The decision reinforces the authority of the National Company Law Tribunal to ensure transparency and accountability in corporate governance.