TMI Blog2021 (1) TMI 1116X X X X Extracts X X X X X X X X Extracts X X X X ..... ation exercises and aggrieved by it and in the circumstances they seem to have filed this Application - It is also evident from the record of proceedings that at the instance of the Applicants / Petitioners, this Tribunal has evolved a mechanism for sale of the properties giving adequate representations to all the family group concerned, all being closely related to each other vide order dated 16.04.2019, under the instance of the Applicants / Petitioners. Further this Tribunal has also ordered for a change of the independent Observer, appointed by this Tribunal namely one Mr. Sankara Narayanan, Senior Advocate to Mr. 0m Prakash Ellanty, Senior Advocate vide its order dated 12.06.2019. Taking into consideration the pendency of the Mediat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the exigent circumstances which are stated to have developed on 18.09.2020 have led to filing of the present Application. 3. It is also stated that this Tribunal have reserved orders on 03.01.2020 in relation to the conduct of the mediation proceedings and subsequent to the said order, IA/786/2020 has been filed before this Tribunal; also being an urgent hearing Application. In relation to IA/786/2020, it is stated that this Tribunal on 15.10.2020 has passed an order seeking for the report from the Mediator regarding the status of the Meditation proceedings, as till then no report has been received from the Mediator. 4. It is aiso stated in the Application that on 17.12.2020, the Mediator has filed the report and not informed that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovide the particulars and details to the Valuers, in this regard. 7. Further in relation to the allegations about the committee meetings being unilaterally conducted, it is stated that the same is not the case and the committee meeting was held in accordance with the compliance with the directions passed by this Tribunal vide order dated 16.04.2019 and subsequently modified vide order dated 12.06.2019. The observer was changed from one Mr. R. Sankara Narayanan, Senior Advocate, initially appointed by this Tribunal vide order dated 16.04.2019 to one Mr. 0m Prakash Elianty, Senior Advocate vide order dated 12.06.2019. 8. In the circumstances, the allegations made in relation to the Committee meetings are false, baseless and misconceived ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not by the decision of the Committee but based on the public auction method thereby to ascertain the correct market value of the properties sold. 12. In rebuttal of the said contention, Learned Senior Counsel appearing for Respondent Nos. 1 to 4 submits that the demand made by the Applicants as per the submissions made by Learned Counsel, prima facie is unsustainable as no relief has been sought for a grant of status quo order or any interim directions in the Application for consideration before this Tribunal. 13. The Application is limited in its purpose as the Applicants have sought only fixing of early hearing of the main Company Petition to which it is submitted by Learned Senior Counsel for Respondents I to 4, the Respondents ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... undertaken by the Mediator as well as the valuation exercises and aggrieved by it and in the circumstances they seem to have filed this Application. 16. It is also evident from the record of proceedings that at the instance of the Applicants / Petitioners, this Tribunal has evolved a mechanism for sale of the properties giving adequate representations to all the family group concerned, all being closely related to each other vide order dated 16.04.2019, under the instance of the Applicants / Petitioners. Further this Tribunal has also ordered for a change of the independent Observer, appointed by this Tribunal namely one Mr. Sankara Narayanan, Senior Advocate to Mr. 0m Prakash Ellanty, Senior Advocate vide its order dated 12.06.2019. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arties with a view to resolve the dispute and on consent the Mediator has also been appointed to conduct the mediation who is in the stature of Retired Judge of the Hon'ble High Court of Madras. 21. However, as already stated the delay in the mediation proceedings seems to have led to frustration on the part of the Applicants / Petitioners, which had prompted them to move this Application before this Tribunal, as well as make submissions during the course of arguments in relation to the Committee Meetings proposed to be held on 18.09.2020 as well as on 10.10.2020. 22. However, the submissions of the Learned Counsel for the Respondents to counter the same is that advance notice of the said meetings has been given, the Applicants / ..... X X X X Extracts X X X X X X X X Extracts X X X X
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