2011 (11) TMI 624 - HC - Companies Law

Summary

Issues involved: Pending matter before Trial Judge for final decision on interlocutory relief, respondent withholding stocks claiming lien, balance of convenience, preparation of statement detailing stocks by respondent.

In the present case, the matter is pending before the Trial Judge for final decision on the grant of interlocutory relief. The stocks in question are admitted to belong to the petitioning creditor, but the respondent claims to be withholding them due to a lien. The respondent has filed a civil suit in Mumbai regarding this matter. The Court refrains from expressing any opinion on the issues at hand and emphasizes the need to consider the balance of convenience and the interests of both parties. As a course of action, the Court directs the respondent to prepare a written statement detailing the stocks of any grade in their possession, along with their locations and conditions, to be certified by their Advocate-on-record and provided to the appellant's Advocate-on-record within a fortnight. This directive is without prejudice to the rights and contentions of the parties and may be considered by the Trial Judge later on. The respondent's non-admission of the allegations in the petition is noted, as no affidavit-in-opposition has been called for. All parties are instructed to act on a signed copy of this order.