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2019 (11) TMI 1386 - Tri - Companies LawRestraint on alienating /transferring the assets of the respondent’s company - mortgage of property - HELD THAT:- In view of the urgency that the Respondent Company become an NPA, the argument advanced by the learned Senior Counsel is gone into very carefully and in view of the submissions made by the Petitioner we hereby direct both the parties to maintain status-quo for a period of 14 days, in the meanwhile, the Respondent is at liberty to proceed in exercising his rights as secured creditor after the next date of hearing. We also make it very clear that any sale that would taken up by the JM Financial Services, if it found to be in collusion with the Directors of the Respondent Company against whom the allegation of oppression and mismanagement are levelled, the sale will become subject matter of final decision on that particular day that means any sale is bound to be set aside in case it is found that the same is done in collusion with the Respondent Company. List this matter on 17.12.2019.
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