NCLAT says Investigation Under Section 213 Requires Prior Satisfaction and Hearing

NCLAT quashed directions issued by the NCLT to the ED and CBI to furnish tracking information, finding that the Tribunal had neither recorded satisfaction under Section 213(b) nor heard the affected parties before involving external investigative agencies. Where such directions can carry social stigma and adverse business consequences, natural justice and a reasoned order are indispensable.