TMI Blog2020 (11) TMI 159X X X X Extracts X X X X X X X X Extracts X X X X ..... ereby allows the prayer made by the petitioner by permitting the banking operations of respondent No. 1 i.e. Madhusudan Motors Pvt. Ltd. to be restored with the conditions that the company will be permitted to operate the bank accounts to ensure day to day bussiness of the company. Only routine expenditure is being permitted to be made from the bank accounts till the final disposal of the company petition by this tribunal or till the further order and it is also directed to respondent No. 1 as well as he petitioner to file the quarterly statements of the expenditure and bank accounts every three months before this Tribunal. This tribunal grants interim relief directing the banks to defreeze the bank accounts of Respondent No. 1 Company - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the safety of investments in the said projects with handover date being projected as January 2017. It is. stated that the Respondent No. 1 company, through petitioner No. 2, sought housing Loan Facility towards part consideration of ₹ 3,00,00,000/- against the mortgage of seven units of flats by deposition of title deed. However, despite competition of project SNPL, has not only refused to deliver possession and execute and register title deed documents, but has also refused to recognise the capacity of the petitioner No. 2 to act on behalf of Respondent No. 1; thus causing loss to the company, as it is unable to put these assets to use and banks are threatening to take penal action against the respondent No. 1 company for failing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accounts will be declared NPA as per RBI guidelines. In view of the submissions made, the matter was fixed for 26.07.2020. When the matter was taken up, it has been brought to the notice of this Court that the short reply has been filed on behalf of Sh. Singhal, who states that the present petition is not maintainable because it is not a case of oppression and mismanagement and the Respondent Nos. 2, 3 4 have been illegally ousted by the Petitioner and therefore the petition be dismissed. Learned Sr. counsel Sh. Naveen Sinha, assisted by Sh. Rahul Agarwal states that it is on account of action of the respondent no. 2 that the bank accounts of the petitioner company has been seized thus having a negative effect on operation and mana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur of Radhika Infratec Pvt. Ltd. He also referred to page 23 to indicate the aforesaid fact and thus, it is contended that the respondent no. 2 was illegally trying to take away the money of the Company and on account of the said fact that the Company is facing closure. It is also contended on behalf of petitioner that the in Extraordinary General Meeting held on 06.07.2020 resolution was passed whereby the respondent were removed by majority voting and the meeting was deliberately not attended by the respondent and therefore, objection sought to be taken by the respondent is not tenable in law. It was prayed by Sh. Singhal advocate for the Respondent No. 2, 3 and 4 that the joint operation of the bank accounts should be allowed. A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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