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2021 (11) TMI 905 - AT - Insolvency and BankruptcySeeking extension of the term of Joint Managing Director and Managing Director of R-1 Company for a period of three years - HELD THAT:- The observations made by NCLT in para 10 (ii) ‘that the performance of the Gujarat Division cannot be solely attributable to the Gujarat Group, as it was not receiving the required funds and had to go for high cost external borrowings’ read with the observations ‘that the Board did not give adequate attention to the revival of the Gujarat Division and that nothing prevented the Board to formulate the revival plan to put things in Order’, may prejudice the rights of the Appellants in the main Company Petition. The NCLT has observed that the Board is empowered to take all decisions, the factual matrix of the matter together with the chequered history and also that significant time has lapsed as the main Company Petition No. 428 of 2018 was filed way back on 19.03.2018 alleging Oppression and Mismanagement of the affairs of R-1 Company and further that the main Company Petition is listed for hearing before NCLT in less than 4 weeks time from today, we are of the considered view that in the interest of justice, NCLT shall dispose of the matter as expeditiously as practicable beginning the hearing on 28.10.2021 uninfluenced by the observations made in para 10 (ii) and (iii) of the Impugned Order dated 11.06.2021. Appeal disposed off.
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