TMI Blog2014 (2) TMI 1058X X X X Extracts X X X X X X X X Extracts X X X X ..... se specific purposes will also be brought in by the rival group claiming to be the shareholders of the company at whose behest the present appeal has been filed. It is made clear that in the event the respondents were to prevail before the Company Law Board the appellant company will not be liable to repay any amount to the said rival group or any other person from who any funds may be sourced by the rival group for the specified purposes - It is also made clear that no charge or any lien will be created on the property of the company. It is clarified that the present order would not be read or construed as creating or accepting any rights or interest in favour of the Rival Group - Decided in favour of Applicant. - CO. A (SB) 46/2013 - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in 2004 an adjoining plot was also allotted to the company. Although, there is some controversy with respect to the allotment of this adjoining plot, the same need not detain this court in the present proceedings. 3. It is not disputed that the said plot of land leased by the DDA for purpose of construction and operating a hotel. As the said object was not met the DDA has sought to cancel the lease. It is not disputed that in the event immediate steps are not taken to restore the lease deed and commence steps for construction, the said asset of the appellant company would be lost. 4. The appellant company in the present appeal is represented through one Mr Prem Bhutani who claims to be a Director of the Company. The learned counsel for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ps for construction of a Hotel in order that the conditions of the lease are met. For this purpose the company would have to apply to the Delhi Development Authority and pay the requisite penalty or other charges that they may be demanded. Charges would also have to be deposited for revalidation of the sanctioned building plans. It is only after these steps are taken that there is any possibility of the lease being restored. The learned counsel for the appellant submits that these steps would require approximately ₹ 80 lakhs and the process is liable to take over two months. This court also asked the learned counsel for the respondents whether they would be willing to deposit a sum of ₹ 80 lakhs for the said purpose without prej ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat in the event the respondents were to prevail before the Company Law Board the appellant company will not be liable to repay any amount to the said rival group or any other person from who any funds may be sourced by the rival group for the specified purposes. 8. It is also made clear that no charge or any lien will be created on the property of the company. It is clarified that the present order would not be read or construed as creating or accepting any rights or interest in favour of the Rival Group 9. The Company Law Board is directed to take up the final hearing of the company petition and dispose of the same within a period of two months. In the event that the hearing cannot be concluded within this period, the Company Law Boar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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