2019 (10) TMI 1478 - Tri - Companies Law

Maintainability of application - power of Ex-Promoter/Director of the company to file application - Ex-Promoter/Directors have locus to file the application or not - HELD THAT - On behalf of Income Tax Department Mr. Raghuvendra Singh, Ld. Counsel has put in appearance. He seeks and is granted two weeks time to obtain instructions in the matter. List for further consideration on 07.11.2019.

Summary

Issues: Dispute over maintainability of application by Ex-Promoter/Director, Granting time for instructions by Income Tax Department

The judgment by the National Company Law Tribunal, New Delhi, involved two main issues. Firstly, in the case of CA-1792(PB)/2019, the tribunal addressed the dispute over the maintainability of an application filed by the Ex-Promoter/Director of the company. The tribunal noted that a previous application by an Ex-Promoter/Director had been dismissed on the grounds of lack of locus standi. The tribunal upheld this decision, stating that Ex-Promoter/Directors have no standing to file such applications. Consequently, the application in question was deemed not maintainable and was dismissed.

Secondly, in the cases of CA-1916(PB)/2019 and CA-1917(PB)/2019, the Income Tax Department sought time to obtain instructions. The tribunal granted a two-week extension for this purpose and scheduled a further consideration of the matter on 07.11.2019. This decision allowed the Income Tax Department the necessary time to gather relevant information before proceeding with the case.

In conclusion, the judgment by the National Company Law Tribunal, New Delhi, clarified the issue of maintainability of applications by Ex-Promoter/Directors and granted the Income Tax Department additional time to prepare their case effectively. The tribunal's decisions in both matters aimed to ensure fair and just proceedings in line with legal principles and procedural requirements.