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2012 (11) TMI 152 - DELHI HIGH COURTPetitioner seeking initiation of proceedings under Sections 11 & 12 of the Contempt of Courts Act, 1971 - Oppression and Mismanagement - Considering the fact that the company remains closed for over two years and that the machinery stand relocated and that the respondents have offered to hand over the company along with the machinery to the petitioners without any consideration, the petitioner may chose the option of either taking the ownership/control of the company or file a petition for winding up of the company. No other relief can be granted in the facts of the case like asking the 2nd respondent to pay back the investments made by the petitioner as in a business venture, one has to take a risk and in the present case, both the sides appear to have lost their investment. There is no indication in these letters that they would take over the company as a whole including the liabilities. Since the respondents have given personal guarantees, the petitioners should have also agreed to replace the personal guarantees of the respondents. These letters do not talk of personal guarantees or taking over of liabilities. Order of the CLB in granting an option to the petitioner to exercise his option to take over the management and control of the company but obviously after the payment of Rs. 16 lacs which has been made by the respondents out of their personal funds.This also appears to be a case where the petitioner has not come to the Court with clean hands; submission of the respondent that the petitioner has learnt about the one time settlement arrived at by the respondent with the Bank; and it was only then that he approached the CLB this is clear from the fact that he had filed the contempt application before the CLB on 01.03.2007 but he did not choose to mention it before the Board till more than two months later; i.e. on 03.05.2007; it appears that only when the petitioner learnt about the aforenoted settlement that he chose to approach the Court. His approach does not appear to be honest; he appears to be nursing some personal vendetta/grievance which cannot be addressed under the provisions of Sections 11 & 12 of the Contempt of Courts Act - In this background, it can in no manner be said that the impugned order suffers from any infirmity - Appeal is without any merit, Hence is Dismissed.
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