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2022 (1) TMI 1076 - HC - Companies LawOppression and mismanagement - Sale of property of the company to the third parties - Maintainability of application - application under order VII Rule 11 (d) of the CPC seeking rejection of the plaints on the ground that the suits have barred by law - HELD THAT:- In the case on hand, the sales had taken place in the years 2013 and 2014 where the applications for oppression and mismanagement before the Company Law Board came to be filed in September 2016 which is well beyond three months period. Therefore, it is quite clear that the even though the sales made in the years 2013 and 2014 were the subject matter of the proceedings before the National Company Law Tribunal filed under Section 241 and 242 of the Companies Act, neither the National Company Law Tribunal nor the National Company Law Appellate Tribunal would have power to set aside the sales. In the absence of such power, the bar under section 430 of the Companies Act, would not apply. In T.Vinayaga Perumal Vs. T.Balan [2011 (4) TMI 1209 - MADRAS HIGH COURT], this Court has noted the limitation on the power of the Company Law Board to set aside sales under Section 402 of the Companies Act. Sections 398 to 402 of the Companies Act, 1956, governs oppression and mismanagement. This Court had held that if the sale had happened three months prior to the presentation of the petition, the Company law Board will not have a power to set aside the same. The said Judgment would apply to the case on hand also, which is under Sections 241 and 242 of the Companies Act, 2013 which provide for oppression and mismanagement. There are no material irregularity or illegality in the order of the trial Court, dismissing the applications - revision dismissed.
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