TMI Blog2019 (12) TMI 1335X X X X Extracts X X X X X X X X Extracts X X X X ..... er the Arbitral Tribunal, which is already deciding the claim of the claimant can decide the question of oppression and mismanagement, if any, caused by a member or members against one or other members or group of members or the Company or such action is prejudicial to the public interest or the interest of the members or company. However, such issue, we are not going to decide in this appeal. It is for the Arbitral Tribunal to determine, if such issue has been raised. The Tribunal rightly held that predominant focus in a Company Petition under Section 241-242 of the Companies Act, 2013 is to safeguard the interest of the Company. However, if a party raises the issue of maintainability of the petition under Section 241-242 by filing a pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ondents has also been served but no prayer has been made for filing of reply affidavit, therefore, the case will be heard on merit. 2. Company Appeal (AT) 268 of 2019 has been preferred by Solitaire Capital India Anr. -Petitioners before the Tribunal (hereinafter referred to as Petitioners ) against interim order dated 9th August, 2019 passed by the National Company Law Tribunal, Court No. III, New Delhi (hereinafter referred to as Tribunal ), whereby conditional interim order of status quo has been passed. 3. According to learned counsel for the Appellants, the order of status quo has been made conditional till the decision of the learned Arbitral Tribunal, who is supposed to pronounce decision in the pending dispute between th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ief can be passed or not, has noticed the pendency of an arbitral proceeding before the Arbitral Tribunal. It has also noticed that a C.A. No. 422/C-III/ND/201 filed under Section 8 of Arbitration and Conciliation Act, 1996 by the Responded No. 2 to the said petition on 21st June, 2019 is pending consideration. Having noticed the same, the Tribunal with a view to ensure that the property reflected in the name of the Company is not disposed of to make the petition infructuous, passed following order:- 12. This Tribunal has consistently held that its pre-dominant focus is to safeguard the interest of the company while exercising jurisdiction under Section 241-242 of the Companies Act, 2013 as held by the Appellate Tribunal in AMRITSAR SWA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the well laid down criteria for grant of as-interim relief from the stand point and in the interest of the 1st respondent company and its shareholders, as the said asset is to be protected until the decision of the Ld. Arbitral Tribunal arising out of its hearing on 17.05.2019 and to await the orders as are to be pronounced by it. In the circumstances, a status quo order as and from this date in relation to the immovable property covered under Sale Deed No. 3543 dated 12.05.2006 will be in order, till the decision of the Learned Arbitral Tribunal being pronounced in relation to the dispute as between the parties pending before it or the decision of this Tribunal in relation to C.A.No.-422/C-III/ND/201 questioning the jurisdiction of this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id background, the Tribunal rightly held that predominant focus in a Company Petition under Section 241-242 of the Companies Act, 2013 is to safeguard the interest of the Company. However, if a party raises the issue of maintainability of the petition under Section 241-242 by filing a petition under Section 8 of the Arbitration and Conciliation Act, 1996, the Tribunal rightly held that such issue is to be decided but after the pronouncement by the Arbitral Tribunal and in the meantime passed interim direction as it thought fit and proper in the interest of the company. If the Tribunal is required to pass further ad-interim relief order, it may wait till the decision of the Arbitral Tribunal and then decide the main issue of maintainability ..... X X X X Extracts X X X X X X X X Extracts X X X X
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