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2021 (10) TMI 819 - Tri - Companies LawSeeking exemption to Applicant from servicing any loans to IL FS in terms of the Corporate Debtor Restructuring dated 02.12.2011, pending disposal of application on the file of this Hon'ble Tribunal - HELD THAT - It is a fact borne on record that the Appeal against the order passed by this Tribunal is pending adjudication before Hon'ble Supreme Court of India. Hence the prayer as sought for by the Applicant for early disposal of CA/32/2010 is premature, since the Hon'ble Supreme Court Is seized of the said matter and yet to pass a final order in CA/47/2011 and CA/101/2011 which is interconnected with CA/32/2010. Hence the prayer as sought for in (b) stands rejected. The Applicant ought not to have filed the present Application before this Tribunal seeking similar relief. It seems like the Applicant is indulging in forum shopping and also filing multiple applications before different fora seeking similar relief and such a practice is required to be deprecated. Further, the moratorium imposed by the NCLAT vide its order dated 15.10.2018 is still in vogue and the Applicant who is well aware of the said order passed by the Hon'ble NCLAT has preferred to file application seeking relief as against the 5th Respondent. In all respects the Application filed by the Applicant deserves to be dismissed on the issue of maintainability, without going into the merits of the case - application dismissed.
Issues:
1. Application seeking early listing and hearing of MA(Comp. Act)/65/CHE/2021 under Section 241 and 242 of the Companies Act, 2013. 2. Relief sought under Section 242(4) of the Companies Act, 2013 read with Rule 11 and 32 of NCLT Rules, 2016. 3. Disputes between shareholders leading to oppression of rights and mismanagement. 4. Special Audit for correct amount of Debt of NTADCL. 5. Appeal process and interconnected issues before different courts. 6. Moratorium imposed by NCLAT affecting relief sought against the 5th Respondent. 7. Forum shopping and multiple applications seeking similar relief. Analysis: 1. The Applicant filed Comp. Appl/47/CHE/2021 seeking early listing and hearing of MA(Comp. Act)/65/CHE/2021 under Sections 241 and 242 of the Companies Act, 2013. However, since MA(Comp. Act)/65/CHE/2021 was already taken up for hearing, Comp. Appl/47/CHE/2021 was closed. 2. MA(Comp. Act)/65/CHE/2021 sought relief under Section 242(4) of the Companies Act, 2013, requesting exemption from servicing loans to IL&FS and expeditious disposal of CA/32/2020. The case involved disputes among shareholders leading to oppression and mismanagement. 3. The disputes arose due to alleged abuse of veto power by a shareholder, leading to the initiation of CP/18/2007. Subsequent filings, including CA/32/2010, aimed at conducting a Special Audit to determine the correct debt amount of NTADCL. 4. Various legal proceedings, including appeals and orders by different courts, were highlighted, indicating the complexity and interconnected nature of the case. 5. The NCLAT's moratorium imposed on IL&FS and its group companies impacted the relief sought against the 5th Respondent, leading to questions of maintainability. 6. The Tribunal noted the Applicant's similar application before the Mumbai Bench, indicating forum shopping and multiple filings for similar relief, which was frowned upon. The Tribunal dismissed the application on the grounds of maintainability without delving into the case's merits.
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