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2022 (9) TMI 280 - AT - Companies LawSeeking repayment of loan - deposit by means of Clause 9 (iii) of the Private Trust Deed - conveyance subject to stamp duty or not - principles of natural justice - HELD THAT:- This Tribunal comes to a consequent conclusion that the impugned order dated 26.05.2022 bristles with legal infirmities, because of the fact that it had not taken into account of the contents of notes of the submissions furnished by the Appellants and the 1st Respondent/Trust in Comp. App (AT) (CH) Nos. 43 and 45 of 2022 in a Qualitative, Quantitative and Threadbare fashion, not discussed about the pros and cons of the submissions made in a detailed manner, in the absence of Adjudication / Determination of Controversies relating to the Movables owned by the Applicant (Deceased), in an appropriate proceedings by the Competent Forum, including the aspect of the plea of the Appellant that the 1st Respondent / Trust cannot Claim any Tangible or Intangible property, based on the Two Trust Deeds dated 09.02.2015 and 16.02.2015 respectively - not obtained the sanction of any Court of Law, and there being a conspicuous silence in regard to the applicability of Regulation 28 of the CLB Regulations 1991, permitting the Legal Heirs to prefer an Application for Substitution. Unless the pending Lis between the Parties are finally decided, no interest in the property can said to be that of them, so as to substitute / implead them, as Party / Parties, especially when the validity of the Will dated 18.02.2015, is yet to be established, in the manner known to Law and in accordance with Law. Viewed in that perspective, this Tribunal, is perforced to interfere with the impugned order and sets aside the same, to secure the ends of justice. The matter is remitted back to the National Company Law Tribunal, Division Bench-I, Chennai, for fresh consideration, and for passing a reasoned speaking order (ofcourse, un-influenced and untrammelled with any of the observations made by this Tribunal in these Appeals), granting liberties to the respective Parties to make a mention and to proceed further, in the subject matter in issue, soon after the adjudication of pending Testamentary Proceedings, between the Parties before the Hon’ble High Court of Madras. Application disposed off.
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