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2022 (12) TMI 367 - AT - Insolvency and BankruptcySeeking transmission of shares in the Appellant’s name - existence of valid Succession Certificate at the time of filing of the Company Petition or not - whether the NCLT was justified in directing the executor to issue Notice to the Rival Claimant namely Smt. K. Sumathi and in granting six weeks time to obtain the necessary clarification regarding the Succession Certificate, keeping in view the facts and circumstances of the attendant case on hand? HELD THAT:- A perusal of the material on record shows that the Respondent Company had received various letters of communication from both Smt. K. Sumathi and Ms. Nalini Hari in respect of the shares held by late Mr. R. Kapanipathi Rao. It is the main case of the Appellant that the NCLT has erroneously given time for Smt. K. Sumathi to obtain clarification regarding the Succession Certificate issued by the Hon’ble Madras High Court on 25.08.2019, as essentially the date on which NCLT has decided the matter, the Succession Certificate of the Appellant was subsisting which evidence that the Appellant alone is the legal heir and therefore the shares had to be transmitted only to the heir as shown in the Succession Certificate as on the date of the Impugned Order. Instead NCLT had given Notice to the Rival Claimant Smt. K. Sumathi only because there was a collusion between the said Smt. K. Sumathi and the Respondent Company. Having regard to the Order in K. SUMATHI, S. UMAMAHESWARI VERSUS NALINI HARI, UMAMANI VIJAY SWAMI RAO, R.K. SHANKAR, R.K. CHANDRASHEKAR [2022 (3) TMI 1450 - MADRAS HIGH COURT], whereby the Hon’ble Madras High Court has condoned the delay and the Order issuing Succession Certificate dated 28.05.2019, is under challenge, we are of the considered view that the decision regarding transmission of shares by the Respondent Company and the Rival Claims ought to be decided subject to the Order of the Hon’ble Madras High Court. This Tribunal does not find the Judgements relied upon by the Appellant, applicable to the facts of the attendant case - appeal dismissed.
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