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2021 (3) TMI 766 - AT - Insolvency and BankruptcyExecution of lease - Section 167 (1)(b) of the Companies Act, 2013 - leasing and alleged transfer of possession of the land - HELD THAT:- The purpose of looking at various issues connected with the signing of the lease deeds dated 03.12.2019 and 25.06.2020 and the connected circumstances has been a limited one- i.e. the interest of the company itself. The act of creating document after document of lease deed in doubtful circumstances with common director hobnobbing on both sides and declaring possession taken, and facts and documents as discussed above, are sufficient for NCLT to step in to protect property of the company from forces within, in the interest of the Company and its shareholders. Transfer of possession would require animus and also corpus. Common Directors - Respondent No. 4, with or without his son present on land of the Company would not be sufficient to show animus. Further evidence would be required. Here it appears to be instant paper possession. Fault cannot be found if NCLT did not accept the claim of possession of Appellant and passed orders. The transfer of entire substratum of Company would adversely affect the interests of its shareholders. Appeal dismissed.
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