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2021 (11) TMI 481 - NATIONAL COMPANY LAW TRIBUNAL , HYDERABAD BENCHSeeking directions to Respondents 1, 2 & 3 Banks herein, to remove the freeze on the accounts of Applicant Company - siphoning of funds - HELD THAT:- This Tribunal has not passed any order directing defreezing of the accounts of the Applicant as contended by the Learned Counsel for the Applicant/Petitioner Company. At the same time, it is also held that there is sufficient force in the plea of the Learned Counsel for Applicant that the freeze order which is admittedly in vogue, is preventing the Applicant Company from paying the salaries and wages to its staff and workers. There are force in the submissions of the Learned Counsel for the proposed Respondents that if the relief sought for by the applicant in this IA is granted pending consideration of the implead application, the same would result in grave injustice to the proposed respondents. Therefore, this Tribunal is of the opinion that interest of justice require, that an interim arrangement be made pending disposal of this IA. Respondent Banks are hereby directed to de-freeze the following accounts of the Applicant Company enabling the Applicant Company to operate the same subject to condition that the Applicant Company shall draw the amounts that is actually necessary and required to pay the wages and salaries to its duly employed workers and staff and to manage the day to day operations of the Company - application allowed.
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