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2018 (3) TMI 2024
Disqualification of Directors - respective Company was also struck off from the role of the Registrar of Companies. The present grievance of the petitioners before this Court is that these petitioners even after obtaining the interim order of stay of disqualification from this Court, are not in a position to utilise the opportunity given in the said Scheme, since the very Company, in which they were holding such position, was also struck off and therefore, the DIN Number of the respective petitioners is not activated. HELD THAT:- Considering t....... + More
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2018 (3) TMI 1927
Disqualification as directors under Section 164(2) of the Companies Act, 2013 - non filing of financial statements and annual returns by the respective companies of which they are directors for the consecutive period of three years - Notification dated 7th September 2017 - HELD THAT:- The undertaking given by the learned Counsel for the petitioners as was given in the disposed of petitions (paragraphs 8 and 9) would operate in these petitions also. By adopting the reasoning of the Court in the said order, these petitions are disposed off on id....... + More
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2018 (3) TMI 1892
Winding up of Respondent Company - failure to comply with section 9 of IBC - non-compliance with Section 9(5)(ii)(a) of IBC - HELD THAT:- In pursuance to transfer of the case to this Tribunal, the Petitioner is required to comply with the provisions of Section 9(3)(a) to (c) of IBC. Hon'ble NCLAT has consistently held including the one rendered in Company Appeal Uttam Galva steel limited v. GF Feutsche Fortair AG [ 2017 (8) TMI 1198 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI ], that all the provisions are mandatorily required to ....... + More
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2018 (3) TMI 1871
Sale of the vessel Sangita owned by the company in liquidation - HELD THAT:- The amount to be deposited by M/s. Vedant Ship Management shall be invested by the Official Liquidator in a Fixed Deposit of a Nationalized Bank. No amount shall be disbursed without seeking appropriate orders from the Court. The charges of the vessel including all port charges up to date shall be to the Official Liquidator's account and shall be paid from out of the sale proceeds. It is clarified that all claims against the sale proceeds of the vessel including m....... + More
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2018 (3) TMI 1870
Permission to sell three tugs - respondent under liquidation - exercise of rights under Section 51 of the Merchant Shipping Act, 1958 - HELD THAT:- The Company Application to come up for hearing on 28 March 2018.
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2018 (3) TMI 1835
Commercial Arbitration Petition - parties have tendered Consent Terms and submit that the Consent Terms be taken on record and the above Arbitration Petition be disposed off in terms of Consent Terms - HELD THAT:- The Consent Terms are taken on record and marked 'X' for identification. The Consent Terms are signed by the Petitioner No.1 for self and on behalf of Petitioner No.2. The Consent Terms are also signed by the Respondent. The Consent Terms are also signed by the respective Advocates for the parties. The undertakings recorded i....... + More
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2018 (3) TMI 1811
Debt Resolution Plan - It is argued by the learned Senior counsel for the petitioner that no such resolution has been made by the Bank - HELD THAT:- This Court finds that an arguable case appears in favour of the petitioner and if notice is not issued and an appropriate order of interim protection is not granted, the petitioners unit will be taken over as per the provisions of Sections 16 and 17 of the Insolvency and Bankruptcy Code, 2016. It is also not disputed that a proceeding has been initiated under Section 10 of the aforesaid Code. Issu....... + More
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2018 (3) TMI 1805
Condonation of Delay Scheme -2018 - Restoration of name of from the Register of Companies - applicability of decision in the case of Sandeep Singh Anr. v. Registrar of Companies Ors [ 2018 (3) TMI 560 - DELHI HIGH COURT ] where it was held that It is clarified that if the petitioners do not avail of the CODS-2018 or file the necessary documents as required for dissolution for the Company under Section 248(2) as stated above; in addition to other consequences, the petitioners would also be liable to be prosecuted for contempt of Court. HELD THA....... + More
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2018 (3) TMI 1800
Disqualification as directors - non filing of financial statements and annual returns by the respective companies of which they are directors for the consecutive period of three years - Section 164 (2) of the Companies Act, 2013 - entitlement for availing the benefit of CODS 2018 - HELD THAT:- Though several contentions have been raised challenging the impugned order of disqualification as a director but during the course of the arguments learned Counsel appearing for the petitioners have prayed that they will be satisfied in case this Court i....... + More
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2018 (3) TMI 1798
Restoration of name in the register of Registrar of Companies - name was struck off on the ground that the assessee has not filed the return of its income for the year 2010-11 even though the assessee Company has received the amount and that Ld. Assessing Officer has reasons to believe that income has escaped assessment - HELD THAT:- It is seen in the instant case that the Income Tax Department is yet to quantify the tax demand in relation to the Company whose name has been struck off and dissolved based upon the instigation of the persons in ....... + More
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2018 (3) TMI 1789
Auction - case of respondents is that no orders should be passed on the report of auction as there was a person available with him ready to offer better price - HELD THAT:- The highest bid was offered by the M/s ECR Buildtech Pvt. Ltd., New Delhi for an amount of ₹ 1 crore 81 Lakhs at the time of bidding. The earnest money deposited (EMD) of all the unsuccessful bidders were returned on the same date and the EMD amount of the highest bidder has been deposited by the Official Liquidator with Punjab National Bank, Jaipur on 22.02.2018. Pra....... + More
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2018 (3) TMI 1785
Maintainability of appeal - non-prosecution - HELD THAT:- On perusal of the record it is found that on the last occasion petitioner was found absent and even today no steps are taken by the Petitioner to pursue the present matter - the instant application is liable to be dismissed for non-prosecution.
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2018 (3) TMI 1715
Requirements for filing petition - waiver of the requirements of clause (a) sub-section (1) of section 244 - applicant/petitioner is a promoter shareholder of the first respondent-company and is holding 7.79 per cent. of the total shareholding of the first respondent-company, which lacks the requisite percentage of shares of 10 per cent - Whether the applicant/petitioner has made out a case for grant of waiver under the proviso to sub-section (1) of section 244 of the Companies Act, 2013? Held that:- It is an admitted fact that the respondents....... + More
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2018 (3) TMI 1714
Ownership and shareholding of the company - Appointment of an inspector or such other person to investigate into the ownership of the company and the shareholding in the company - Held that:- The respondents Nos. 4 to 29 have never contributed to the capital of the first respondent-company. They have allotted shares of the first respondent-company to themselves and became the directors by excluding the actual shareholders by forging the documents on the letter head papers of the first respondent-company, which were given as blank for keeping w....... + More
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2018 (3) TMI 1707
Registration of transfer of equity shares - refusal on the ground that the first respondent-company had decided in its board meeting on October 26, 2016 to refuse registration as the lodgement is in violation of article 23A of the articles of association of the first respondent-company - sufficient cause or not - sub-section (4) of section 58 of the Companies Act, 2013 - Held that:- It is an admitted fact that the petitioner has purchased 25 equity shares of ₹ 10 each from the tenth respondent which constitutes 0.02 per cent. of the over....... + More
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2018 (3) TMI 1642
Winding up petition - bonafide debt - no document of admitted liability - Held that:- There is no document of admitting the liability on record. Though the petitioner is placing reliance upon the alleged ledger account for the period 1.4.2014 to 31.3.2015 and 1.4.2015 to 23.2.2016 (Annexure P/1) but the said ledger account is not signed by any of the parties and is a disputed document, therefore, petitioner is required to lead evidence and establish the debt. In the present case the debt has been bonafidely disputed by the respondent. That apa....... + More
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2018 (3) TMI 1634
Replacement of original financial statements as filed before the MCA-21 with the revised financial statements - Held that:- In spite of availing the opportunities, the Counsel for the IT Department has not filed the objections even after passing the conditional order that the right of filing the objections shall stand forfeited. It appears from the conduct of the RD, ROC and IT Authorities that they are not interested to file the objections. Therefore, their right of filing the objections stands forfeited. Keeping in view of the facts and circ....... + More
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2018 (3) TMI 1609
Adoption of accounts at AGM - validity of auditors report - Held that:- Auditors have mixed up the entries and have prepared the audited report by taking into consideration pre transfer data. Accordingly, the adoption of the accounts at the AGM slated as per the schedule given in the aforesaid para is stayed till the next date of hearing. It is clarified that the stay order would not result in activation of the DIN pertaining to the Directors of the Respondent company as well as of the respondent No. I company. Resolutions, if any, passed in a....... + More
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2018 (3) TMI 1604
Corporate insolvency process - Held that:- Mr. Pranshu Paul, advocate accepts notice on behalf of 2nd respondent i.e. Corporate Debtor through Insolvency Resolution Professional. No further notice need be issued on it. 2nd respondent will assist the Court and, if so desire, may file a reply-affidavit within a week. Mr. R. Sudhinder, advocate submits that he will file an application for impleadment on behalf of the ‘Committee of Creditors’ (CoC). He is allowed to do so within a week along with his Vakalatnama. If such an application is filed, t....... + More
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2018 (3) TMI 1553
Inquiry into certain agreements and dominant position of enterprise - Procedure for scrutiny of information or reference - Opinion on existence of prima facie case - whether the writ petition is maintainable against the order made under Section 26(1) since there is no appealable remedy available under the said Act? - Held that:- The direction issued under Section 26(1) is a direction simpliciter and an administrative direction without entering upon any adjudicatory process; that it does not effectively determine any right or obligation of the ....... + More
