TMI Blog2023 (3) TMI 749X X X X Extracts X X X X X X X X Extracts X X X X ..... sis made in C.P. No. 100 of 2018, consequently, the C.P. No. 100 of 2018 and the withdrawal of withdrawal pursis has to be heard and decided by the NCLT afresh. Thereby this Tribunal is of the view that the C.P. No. 100 of 2018 and its continuum was suspended until the issue of withdrawal of withdrawal pursis is decided. That being so, the passing of interim order in such a situation may not be appropriate. The order of NCLT set aside - appeal allowed. - Company Appeal ( AT ) No. 29 of 2022 - - - Dated:- 17-3-2023 - [ Justice Anant Bijay Singh ] Member ( Judicial ) And [ Kanthi Narahari ] Member ( Technical ) For the Appellant : Mr. Arvind Kumar Gupta, Ms. Heena George, Ms. Shivani Sharma, Advocates For the Respondent : Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent Agreement dated 23.01.2021 was signed between the parties. After signing the Settlement Agreement, the Appellants did not contest bail being granted to the Respondent. Having to abide by the Settlement Agreement, the Appellant group had filed withdrawal pursis to withdraw their C.P. No. 07 of 2020 and the C.P. stood withdrawn vide order dated 28.06.2021. 5. The Respondent also filed withdrawal pursis to withdraw their C.P. No. 100 of 2018. But in a mala fide manner they refused to withdraw C.P. No. 100 of 2018 and orally sought withdrawal of withdrawal pursis during the hearing held on 03.03.2021. The NCLT allowed withdrawal of withdrawal pursis vide impugned order dated 03.03.2021 in C.P. No. 100 of 2018. 6. The Learned Counsel f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h allegations contrary to the Settlement Agreement entered between the parties dated 11.08.2017 wherein it was acknowledged the Respondent No.1 herein holds 50% shares and agreed to transfer 40% to Respondent No.5 upon certain terms. The Respondent No.1 herein under duress and coercion executed the Settlement Agreement dated 23.01.2021 to transfer 10,000 shares to Appellant No.3 and affixed his signatures on a withdrawal application prepared by the Appellants. It is submitted that on 27.01.2021 the 3rd Appellant reported settlement before the Sessions Court and the Respondent No.1 was released from judicial custody. 10. It is submitted that the Learned NCLT passed the interim order dated 17.01.2022 in C.A. No. 43 of 2021 in C.P. No. 100 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 018 and the withdrawal of withdrawal pursis has to be heard and decided by the NCLT afresh. Thereby this Tribunal is of the view that the C.P. No. 100 of 2018 and its continuum was suspended until the issue of withdrawal of withdrawal pursis is decided. That being so, the passing of interim order in such a situation may not be appropriate. Further, the NCLT in its impugned order dated 17.01.2022 in para-II made it clear that the order to maintain status-quo is subject to the decision in Company Appeal (AT) No. 99 of 2021 by this Appellate Tribunal. Conclusion : 14. For the aforesaid reasons the order of NCLT dated 17.01.2022 is hereby set aside. 15. Resultantly, the Company Appeal (AT) No. 29 of 2022 is allowed. No order as to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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