2021 (3) TMI 941 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI - Insolvency & Bankruptcy

Head Note / Extract:
Seeking restraining the Respondents from holding Annual General Meeting (AGM) of the Company scheduled to be held on 01.12.2020 wherein the Appellants’ removal from the Board of Directors has been proposed - HELD THAT:- Learned NCLT directed the parties to complete pleadings by filing Replies/Rejoinders. Further, the leaned NCLT ordered to maintain status quo till the next date of hearing. The status quo order need to be adhered to by the respective parties with respect to the decision taken in the Board Meeting dated 07.11.2020 and any decision taken in the AGM which was held on 01.12.2020. Further, the learned NCLT observed that all the actions taken therein are subject to the outcome of the Company Petitions. The learned NCLT protected the interest of the parties including the Appellants. The learned NCLT rightly observed that when the allegations made by the parties in their Company Petitions are serious in nature and without completing the pleadings, it cannot examine the same in detail. Hence the learned NCLT decided to hear the Company Petitions and Company Applications after completing the pleadings. Therefore, the reliefs sought by the Appellants in CAs as well as in CP are pending for consideration by the leaned NCLT. The Appeal is premature for the reason that the leaned NCLT is seized of the matter. Further, it is on the record that the Appellants filed the Contempt Application under Section 425 of the Companies Act, 2013 which is also pending for consideration and the copy of the Company Application is filed before this Tribunal. Appeal dismissed.