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2016 (3) TMI 123 - HC - Companies Law3rd party rights over Swami Samarth Nagar property - whether the appellants are not parties to the company petition pending before the Company Law Board - Held that:- The Company Law Board has passed the order on the basis that there was no entry showing that the money of ₹ 9,51,00,000/- shown as consideration to respondent no.3-company has come into the account of the company. The Company Law Board has also passed the order on the basis that prima facie it was satisfied that respondent no.4 had no authority to create rights in favour of appellants for development of Swami Samarth Nagar and that Respondent no.4 has acted prejudicial to the interest of respondent no.1 & respondent no.2 and also respondent no.3 company. In fact, the Company Law Board has appreciated that the appellant no.1 is required to be shown as a party and to be heard. I do not find any perversity in that order. Until the matter is properly heard, the Company Law Board has passed the interim arrangement order. The counsel for the appellants stated that the appellants have received IOD from the municipal authorities, they have spent lot of money etc. and therefore, the interim order passed by the Company Law Board is hurting them and the balance of convenience is in their favour. But none of these facts have been placed before the Company Law Board by the appellants. The Company Law Board has given them an opportunity to place all these facts by including them in the reply to the issue as to whether the appellants can be impleaded as a party at all. I do not find any patent error on a fundamental principle of law. The Company Law Board in exercise of its discretion at the preliminary or interlocutory stage of the company application, awaiting the pleadings of the respondents viz. the appellants herein, has passed the impugned order. Therefore, as it is not a final verdict on the interim application, it lacks the essential precondition to maintain an appeal under Section 10F- “existence of a question of law arising from the decision”. In my view, therefore, this appeal is not maintainable.
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