The Supreme Court of India has upheld an order of the National Company Law Appellate Tribunal (NCLAT) in a corporate dispute involving Moniveda Consultants LLP and Shajas Developers Private Limited, declining to interfere with the appellate tribunal’s directions that granted limited interim protection and transferred contempt proceedings to the National Company Law Tribunal (NCLT).
The bench of Justice Augustine George Masih has observed that the direction restraining the parties from taking precipitative steps for a limited duration was intended to maintain the status quo until the matter could be properly examined by the tribunal having jurisdiction.
The dispute arises from shareholding and management issues within Shajas Developers Pvt. Ltd. Moniveda Consultants LLP, the first appellant, claims to hold 40% shareholding in Shajas Developers, the first respondent in the case. The second appellant, a partner of Moniveda Consultants, had also been appointed as a Promoter-Director of JLS Realty Private Limited, another respondent in the matter.
Shajas Developers acts as the holding company of JLS Realty Pvt. Ltd., which is engaged in slum redevelopment activities in Mumbai. The company reportedly owns land measuring about 21,727 square metres in Shankarwadi, Jogeshwari (East), Mumbai, along with development rights estimated to be worth nearly ₹1,000 crore.
The appellants alleged that the third respondent, Suketu Viren Shah—who is also a personal guarantor for certain loans secured by JLS Realty—was involved in actions intended to usurp the appellants’ stake and control over the project assets.
The dispute initially reached the NCLT, Mumbai Bench, where the appellants sought interim relief in company applications filed in a petition alleging oppression and mismanagement. However, by an order dated July 29, 2021, the NCLT declined to grant interim protection.
Aggrieved by the refusal, the appellants approached the NCLAT. The appellate tribunal set aside the NCLT’s refusal to consider interim protection but granted limited interim relief, directing that no “precipitative steps” be taken by the parties for a period not exceeding one month. It also directed that the contempt proceedings arising out of the dispute be heard by the NCLT.
The appellants subsequently approached the Supreme Court challenging the NCLAT’s order.
After examining the record and the reasoning of the appellate tribunal, the Supreme Court found no grounds to interfere with the NCLAT’s order. The Court noted that the NCLAT had exercised its discretion in granting limited interim protection while ensuring that the substantive issues would be decided by the NCLT.
The bench also upheld the NCLAT’s decision directing that contempt proceedings should be heard by the NCLT, since the tribunal was already seized of the underlying company law dispute.
With these observations, the Supreme Court declined to interfere with the NCLAT’s order, effectively allowing the proceedings to continue before the NCLT. The connected contempt petitions were also dealt with in accordance with the tribunal’s directions.
Case Details
Case Title: Moniveda Consultants Llp Versus Shajas Developers Private Limited
Citation: JURISHOUR-317-SC-2026
Case No.: CIVIL APPEAL NOS.9052–9053 OF 2022
Date: 11/03/2026
Read More: Parties Can’t Challenge Arbitral Tribunal’s Constitution After Acquiescence: Supreme Court
