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2020 (3) TMI 1059 - Tri - Companies LawOppression and mismanagement - illegal transfer of shares - HELD THAT:- This is a petition filed under section 111 of the Companies Act, 1956. Originally company petition was filed before the hon'ble Company Law Board, Chennai bearing C. P. No. 4/111/CB/2014. On abolition of the Company Law Board and after establishment of National Company Law Tribunal, this case was transferred from the Company Law Board, Chennai and numbered as T. P. No. 149/HDB/2016. The petitioners claiming to be the share-holders are challenging invocation of pledge of equity shares 1,80,00,000. The petitioners are contending that transfer of shares in favour of respondent No. 2/ICICI Bank Ltd., is illegal. On the other hand it is the case of respondent No. 2-ICICI Bank Ltd., that the shares were pledged against the loan advanced. It is not necessary to go into the merits of the case due to developments that took place after filing of this petition. The dispute raised is in respect of the shares in respondent No. 1-company. It is undisputed fact that corporate insolvency resolution process (CIRP) was started against respondent No. 1-company in a petition filed under section 7 of the I and B Code by the Canara Bank bearing C. P. (IB) No. 41/07/HDB/17. The petition was admitted on July 5, 2017 - The petitioners have no locus standi to continue the proceedings. The petitioners have no subsisting interest in view of the fact that the resolution plan is approved for respondent No. 1-company. There is no need to go into the merits of the case rather it can be disposed of on the ground that the relief sought for by the petitioners becomes infructuous - Petition dismissed.
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