2022 (1) TMI 1422 - AT - Companies Law

Owner of property in question - restraint from selling the property - HELD THAT - From the perusal of the record it appears that the main Application that Company Petition No. 743/ 2017 is still pending before the Hon ble National Company aw Tribunal, Mumbai Bench and we have been informed by the parties that the next date of the hearing in this case is 27.02.2022. As the main Petition i.e. Company Petition No. 743/ 2017 is listed before the NCLT, Mumbai Bench is to be decided on merits, this Appeal is disposed off with the direction to the Hon ble NCLT, Mumbai Bench to expedite the disposal of the Company Petition No. 743/ 2017 at an early date. As this an old matter and the Tribunal while hearing the main appeal i.e. Company Petition No. 743/ 2017 we will not prejudiced by any observation made in the Impugned Order passed by Learned Adjudicating Authority. Appeal disposed off.

Summary

Issues:
1. Appeal against the Impugned Order dated 28.02.2020 passed by NCLT.
2. Dismissal of application in MA No. 343/2020.
3. Pending Company Petition No. 743/2017 before NCLT, Mumbai Bench.
4. Direction to expedite the disposal of Company Petition No. 743/2017.

Analysis:
The Appellate Tribunal heard the appeal filed by the Appellant against the Impugned Order dated 28.02.2020 passed by the National Company Law Tribunal (NCLT). The Appellant was aggrieved by the dismissal of their application in MA No. 343/2020. The dispute arose from the ownership of a property as per an arbitration award, where the Respondent No. 2 claimed ownership, which was not refuted by the Applicant. The Adjudicating Authority found that the matter concerning the property had been settled in 2012 and rejected the Applicant's argument for interim protection against property sale. The Adjudicating Authority concluded that the Applicant failed to establish a prima facie case for the protection sought.

Regarding the pending Company Petition No. 743/2017 before the NCLT, Mumbai Bench, the Tribunal noted that the next hearing was scheduled for 27.02.2022. The Appellant appealed against the dismissal of their application by the NCLT. The Appellate Tribunal directed the NCLT, Mumbai Bench to expedite the disposal of the pending Company Petition No. 743/2017 without prejudice to any observations in the Impugned Order. The Tribunal emphasized the need for a swift resolution due to the age of the matter and ensured that the Appellant's rights would not be affected by the previous decision.

In conclusion, the Appellate Tribunal disposed of the appeal and instructed the Registry to upload the Order on the Appellate Tribunal's website. Additionally, the Registry was directed to provide a copy of the Order to the NCLT, Mumbai Bench. The judgment aimed to expedite the resolution of the pending Company Petition and ensure a fair hearing without prejudice to the Appellant based on the previous dismissal of their application.