9911796707
TMI Blog2023 (3) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. By this appeal, the correctness of the judgement of the Learned Single Judge dated 15.09.2022 and as clarified vide order dated 17.11.2022 passed in W.P.A. No. 8370 of 2022 (Bhartia Mini Spring & Engineering Co. Pvt Ltd.- versus-The State of West Bengal & Ors.) has been questioned by the appellant/respondent No.1. 2. The facts of the case in a nutshell are that the writ petitioner herein the appellant namely Bhartia Mini Spring & Engineering Company. Pvt. Ltd was incorporated on 26th December 1984 under the provisions of the Companies Act, 1956 having registration No. ISO-9001/2015. The appellant company is a manufacturer and exporter of helical oil springs, spares and track items on approved list of Indian Railways. 3. The appellant/w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was granted till April 19, 2022 and the bank authority was directed to keep a close check on transactions of the petitioner company. Instead, the bank authority froze the appellant/ writ petitioner's bank account. 6. The title suit was subsequently withdrawn vide order dated April 25, 2022 by City Civil Court as dispute regarding accounts had been resolved. Several representations made by the appellant/writ petitioner did not lead to de-freezing of bank account by the respondent bank authorities. 7. The intervenor in the writ petition preferred a company petition being CP/170/KB 2020 before the Hon'ble National Company Law Tribunal (hereinafter referred to as Hon'ble NCLT), Kolkata Bench for his reinstatement as Director and to operate ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted the appellant to run its bank accounts and such decision of the Tribunal cannot be modified or changed by way of the impugned order as such order would contravene the doctrine of res judicata. Moreover, allowing the appellant company to operate the bank account only upon intimation to the respondent No.5 would have effects of frustrating the pending application before the Hon'ble NCLT, particularly when it has been disallowed by the Tribunal in the ad-interim stage. 11. The respondent No.5, the intervenor in the writ petition is an erstwhile director in the appellant company and has no locus standi to interfere with the regular affairs of the appellant company including operation of the bank accounts. However, despite granting the pray ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other criminality to render loss to the appellant company, in turn, manipulated records, books, registers, files and documents of the appellant company made unlawful gains for himself. Availing the benefit of individual operation of bank accounts, the said director under his sole signature issued cheques to bogus vendors and withdrawing huge cash to misappropriate funds. Owing to this reason the respondent No.5 filed a Title Suit to cease the bank operations. However, with the help of public records available in the official website of the RoC/MCA the said director illegally filed a withdrawal application in the Title Suit and obtained an order in favor of him vacating the ad-interim order passed directing the bank to not allow any operatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re, the order to make bank transactions by the parties with the concurrence of the other was passed to protect the interest of the parties pending final adjudication of the company petition and to prevent hampering of the pending application before the NCLT. The matter pending before the NCLT relates to affairs of a private company; its business 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. 18. For the foregoing reasons, no case is made out to interfere in the order of the Learned Single Judge and therefore, the appeal is devoid of any merits. All pending appl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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