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2012 (11) TMI 646 - HC - Companies LawScheme of Winding up - Whether the creditor Malanpur was correctly treated and classified with the Inter-Corporate Depositors and not as a secured creditor - Malanpur sold the pledged shares for consideration of Rs.1.39 crores - Held that:- Malanpur cannot be treated as a distinct class of creditor on the ground that it was a decree holder. It was certainly not a secured creditor. Also in agreement with the counsel for the Malanpur that even if the scheme has been sanctioned and payment to the creditors is to be made under the scheme, criminal proceedings under Section 138 of the NI Act cannot be stayed or quashed by the Company Court. Considering the Terms of Settlement Spice Jet or Modi Group cannot urge and contend that 55,60,000 shares are liable to be forfeited or should be forfeited. The said contention would be contrary to the settlement and stand which they have taken before the company court. The compromise and settlement between them clearly stipulates that these shares are not liable to be forfeited. Modi Group and Spice Jet had argued and contended that sale and transfer of 55,60,000 pledged shares by Malanpur was null and void and contrary to law & reference was made to the orders passed in the Civil Suit at Calcutta. It will not be appropriate and proper for us to go into and examine the said orders of the Calcutta High Court and proceedings as it is clearly beyond what is required and mandated by the Supreme Court in the order dated 6th July, 2009 wherein opined that the High Court should decide the said question in accordance with law and in the meanwhile, status quo as regards the transfer of shares shall continue till the High Court decides the matter expeditiously. Thus examination or go into the question on merits relating to the proceedings pending before the Calcutta High Court and the orders passed therein is not warranted. We express no opinion in this regard.
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