TMI Blog2023 (3) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... usiness efficacy, financial transactions, management and disputes between the shareholders of the company and thus the need for judicial intervention and interference into orders and proceedings of the NCLT must be kept to bare minimum. Thus, no case is made out to interfere in the order of the Learned Single Judge and therefore, the appeal is devoid of any merits - application disposed off. - MAT 1874 of 2022 with CAN 1 of 2022 - - - Dated:- 1-3-2023 - HON BLE JUSTICE PRAKASH SHRIVASTAVA, CHIEF JUSTICE AND HON BLE JUSTICE RAJARSHI BHARADWAJ, Present:- For the Appellant : Mr. Kishore Dutta, Senior Advocate Mr. Rohit Banerjee, Mr. R. N. Bandyopadhyay, Mr. V. Singh, Advocates For the State : Mr. Asish Kumar Guha Mr., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the respondent No. 5 herein the intervenor in the writ petition one Ramesh Kumar Singh. The intervenor was one of the key promoters of the petitioner company. He was also a duly appointed Managing Director (DIN- 00120831) who held 50% of the total issued, subscribed and paid-up share capital of the company however he resigned from the Board on April 4, 2022 by Form No. DIR-12. 5. The respondent No. 5 in order to restrain one Rahul Kumar Singh through one Raj Kumar Singh filed a Title Suit being T.S No. 806 of 2022 before the Learned City Civil Court, Calcutta for direction upon the respondent bankers of the company to not allow operation of the bank accounts without joint signatures, suspend operations of the bank accounts and investmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an order dated September 15, 2022 by the Learned Single Judge and the respondent bank authority were directed to permit the petitioner to operate bank accounts without further fetters from the respondent bank. 9. The Learned Single Judge by order dated November 17, 2022 further clarified that the bank account shall be operated only on the concurrence of the present directors to the petitioner company and respondent No. 5. Thus, being aggrieved by the orders dated September 15, 2022 and as clarified vide order dated November 17, 2022, the instant appeal by the appellant has been preferred. 10. Submissions of the Learned Counsel for the appellant/writ petitioner are that the filing of a Company petition being CP/170/KB/2022 under sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed by the Hon ble NCLT has directed to provide the respondent No.5 with the accounts of the appellant company along with periodical bank statement on a fortnight basis, as an ad-interim measure of protection that shall sufficiently keep the intervenor aware of the financial functionalities of the company. Therefore, there stands no possibility and/or any apprehension in future of any misappropriation. 13. It has been submitted by the respondent Bank, herein respondent No.2, 3 and 4 that on account of allegation of suspicious transactions of the bank accounts of the appellant company as well as to stop any illegal transaction made by the parties, the respondent bank as a preventive measure has frozen the accounts thereby disallowing any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for the parties and on perusal of the records, this Court finds that the Learned Single Judge has not erred in allowing the prayer in the present writ petition for allowing the Company represented by one of its Directors to operate the bank account without any further fetters from the respondent Bank. However, since the Court has been informed that the intervenor/applicant in CAN 1 of 2022 is the petitioner in pending petition before the NCLT, Kolkata in which the representing Director before the Court is also a party, the order of removing the fetter in operating the bank account shall be subject to any orders passed in the NCLT proceeding. By way of adequate protection to all the parties before the Court, any transaction m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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