9911796707
TMI Blog2021 (1) TMI 1116X X X X Extracts X X X X X X X X Extracts X X X X ..... icants being the main Petitioners in the Company Petition seeking for listing the Company Petition for hearing on urgent basis before this Tribunal, at the earliest, in the interest of justice in support of the relief sought for. 2. It is stated that the oppression as alleged in the main Company Petition and the mismanagement continues as of date and that under 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 rel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... parties has reported before the Mediator about their withdrawal from the mediation process. It is also brought to the notice of this Tribunal in the counter affidavit that the valuer has also been appointed by the Mediator based on the consent of the parties for taking valuation of the I st Respondent Company and all earnest efforts have been made to provide 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed for sale of the properties which are required to be made after development of the plots and the same thereon and not the land bank in toto and also presses for an interim direction that the 1 st Respondent Company is required to maintain a status quo in relation to the sale of the land bank or in the alternative the land bank should be sold 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... break on the mediation process. 15. We have considered the merits of the Application, the Application in simpliciter is an Application seeking early hearing of the main Company Petition. The Applicants / Petitioners seem to have been frustrated by the Covid-19 pandemic as that has put an effective break upon the mediation proceedings 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 relat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... brought by the Applicants / Petitioners. 20. Significantly, during the course of submissions made by Learned Senior Counsel for the Applicants / Petitioners it was stressed that the parties before this Tribunal in relation to the main C.P. were close relatives, which prompted this Tribunal to suggest for mediation with the parties 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 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the mediation proceedings at the earliest commencing from 1st February 2021 and complete the process of mediation by March 15, 2021 after giving advance notice to the parties concerned 27. The Mediator is at liberty to conduct the proceedings by virtual mode and the other terms as fixed by the order dated 03.01.2020 shall remain intact. 28. With the above direction, this Application stands disposed of. Let the report of the Mediator be made available to this Tribunal at least by 20th March 2021 when the Company Petition is posted to await the report of the Mediator. Till then the parties are directed to implicitly obey all the orders passed by this Tribunal from time to time including the order dated 16.04.2019 and any modifications pas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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