TMI Blog2022 (4) TMI 260X X X X Extracts X X X X X X X X Extracts X X X X ..... e reliance on the report, but not before the pleadings are completed and due opportunity is given to the Appellants herein. The NCLT shall hear the matter afresh giving due opportunity to the second Respondent who sought a few days time to file a Detailed Reply before the NCLT - Appeal disposed off. - Company Appeal (AT) No. 106 of 2021 With Company Appeal (AT) No. 113 of 2021 & I.A. No. 2884 of 2021 - - - Dated:- 4-4-2022 - [Justice Anant Bijay Singh] Member (Judicial) And [Ms. Shreesha Merla] Member (Technical) For the Appellant : Mr. Pawan Sharma, Mr. Abhijeet Sinha, Mr. Sidharth Aggarwal, Ms. Divya Bhalla and Mr. Sandeep Gupta, Advocates for A-1. For Appellant No. 1 2: Mr. Anuj Shah, Advocates for A-1 A-2. For Respondent No. 1: Mr. Kumar Anurag Singh, Mr. Zain A. Khan, Advocate for R-1. For Respondent No. 2: Mr. Ashish Aggarwal, Mr. Kunwar Shashank, Ms. Gurkamal Hora Arora, Mr. Nivesh Kumar and Mr. Nalin Dhingra, Advocate for R-2. For Respondent No. 1 to 3: Mr. Sameer Sagar, Advocate for R-1 to 3. For Caveator: Mr. Suman Jyoti Khaitan, Advocate for Caveator. JUDGEMENT [ Per; Shreesha Merla, Member (T) ] 1. Challenge in thes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... badly suffered and executive director i.e. the petitioner is not taking any steps to regulate the affairs of the company and the wife of Mr. Shushil Gupta is not taking cognizance of any facts. It appears the institutions are proceedings against them and the Hotels are closed and the situations is becoming bad toworse. Even after taking cognizance of these issues which are brought to our knowledge, in the course of hearing by both the parties, if this Bench does not make any efforts to get the real factual position in the best interest of the company or in the public interest for the reason that the public money involved and there are public shareholders, the purpose of adjudication by this Tribunal will not be served. In view of the same this Bench consisting of both the members deliberated on this issue after taking a break during the course of hearing and we are of the considered view that a commissioner be appointed on a fact finding mission with the power and responsibility as contained below. In the said process we hereby appoint Mr. M. V. Ravindran, who formerly was the Acting President of Customs, Excise Service Tax Appellate Tribunal and presently practicing i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order of status-quo is to be maintained by all the parties concerned until the next date of hearing, when the Commissioner s report would be made available to us, on the next date of hearing i.e. 16.09.2021. Brief facts: 4. The first Respondent namely Asian Hotels (West) Limited is a listed Company and owns and runs a Five Star Hotel namely Hyatt Regency Mumbai. Its present directions are: i. Mr. Sandeep Gupta (Appellant No. 1) ii. Mrs. Vinita Gupta (Appellant No. 2) iii. Mr. Sudhir Gupta (Respondent No. 2). The Appellants are part of the Promoter s Group of AHWL which again consists of two groups namely (a) Sushil Gupta Group and (b) Sudhir Gupta Group. The Appellants are part of Mr. Sushil Gupta Group being the son and wife of Mr. Sushil Gupta respectively. Mr. Sudhir Gupta/the second Respondent is the brother of Mr. Sushil Gupta. 5. Appellant No. 1 Mr. Sandeep Gupta is the whole time Director and Shareholder of AHWL and is the son of Appellant No. 2. The shareholding of the Appellants in AHWL is as follows: S. No. Name of Shareholder Percentage of Shareholding in Respondent No. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion and Mismanagement were committed by the second Respondent and in this situation, the Appellant has filed the said Company Petition on 12/07/2021 seeking urgent Interim Relief against the second Respondent with an objective to procure the Emergency Credit Line Guarantee Scheme from Yes Bank Limited. The Company Petition was first listed for hearing before NCLT on 15/07/2021. 9. It is the case of the Appellant that NCLT simply issued Notice on 15/07/2021 and did not pass any appropriate Order against the second Respondent and adjourned the matter to 05/08/2021. Learned Counsel for the Appellant submitted that NCLT ought to have heard the Company Petition with respect to the Interim Relief and then pass appropriate Orders restraining the second Respondent. 10. It is also submitted that subsequent to the filing of the Company Petition, the second Respondent filed another Petition under Sections 241 242 along with Application seeking waiver which is pending. Another Petition (CP 135/2021) was also filed by the Saraf Group which is almost identical to the Petition filed by the second Respondent. The Learned Counsel strenuously contended that on 12/08/2021, the Company Petitio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d tested positive for Corona, the matter was adjourned and heard and reserved on 03/03/2022. 15. Vide Order dated 03/03/2022, during the course of final hearing, this Tribunal noted as follows: Learned Counsel for the Respondent No. 1, 2, 3 appears and they pray that the status quo may maintained, and further submits that they have no objection if the matter is remitted to the NCLT for hearing and deciding the case on merits. 16. Having heard all parties at length, without delving deep into the merits of the matter, this Tribunal is of the considered opinion that the matter be remitted to NCLT for hearing and deciding the case on merits. Having regard to the facts and circumstances of the attendant case on hand, this Tribunal is of the earnest view that the contents of the report not be quoted or used, till all the pleadings are completed and due opportunity is given to the Appellant for filing their objections. Needless to add, NCLT may, if it feels fit, decide to place reliance on the report, but not before the pleadings are completed and due opportunity is given to the Appellants herein. 17. These Appeals are disposed of with the aforenoted directions. The NCLT ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
