2023 (3) TMI 76 - HC - Corporate Laws

Seeking permission to operate the bank account without any further fetters from the respondent Bank - HELD THAT:- The Learned Single Judge was mindful of the fact that an interim application is pending before NCLT, Kolkata for joint operation of bank accounts. Therefore, the order to make bank transactions by the parties with the concurrence of the other was passed to protect the interest of the parties pending final adjudication of the company petition and to prevent hampering of the pending application before the NCLT. The matter pending before the NCLT relates to affairs of a private company; its business efficacy, financial transactions, management and disputes between the shareholders of the company and thus the need for judicial intervention and interference into orders and proceedings of the NCLT must be kept to bare minimum.

Thus, no case is made out to interfere in the order of the Learned Single Judge and therefore, the appeal is devoid of any merits - application disposed off.