9911796707
TMI Blog2018 (12) TMI 673X X X X Extracts X X X X X X X X Extracts X X X X ..... of Blocks B,C and D who are the Appellants here. The Court is of the view that the complete and correct facts concerning the allottees of Blocks B, C & D were perhaps not placed before the learned Company Judge. The Court modifies the impugned order dated 16th October 2018 of the learned Single Judge (as further modified by order dated 14th November, 2018) to the extent of holding a meeting shall be held also of the allottees of Blocks B, C & D of the Spire Edge Project. - CO.APP. 26/2018 - - - Dated:- 11-12-2018 - S. MURALIDHAR AND SANJEEV NARULA JJ. Appellants Through: Appellants No.3,7 8 in person. Respondents Through: Mr. Vivek Kohli, Ms. Suhani Dhingra, Mr. Mudit Gupta and Ms. Prerna Kohli, Advocates for R2 R3. Ms.Ruchi Sindhwani, Sr. Standing Counsel with Ms. Megha Bharara, Advocate for OL. Mr. Sayed Aquib Ali, Advocate for R-5. O R D E R Dr. S. Muralidhar, J.: 1. This is an appeal by nine Appellants against an order dated 16th October, 2018 passed by the learned Single Judge in Co.App.(M) 115/2016 and Co.Appl.(M) 332/2018 in Co.P.704/2014. 2. Notice. Mr.Vivek Kohli, Advocate accepts notice on behalf of the Respondents No.2 3. Ms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the above order of the learned Single Judge because according to them they were misled into making investment of valuable money into Spire Edge Project on the basis that the company had been allotted Plot No. CP -4, Sector-8, IMT Manesar, Gurgaon (Haryana) by the Haryana State Industrial and Infrastructure Development Corporation Ltd. (HSIDC) on freehold basis and that in turn the company would be allotting spaces/units on perpetual lease basis. 9. A sample of agreement dated 19th March, 2010 in which such assurance is held out in the preamble clause of the agreement is enclosed with the present appeal. The Appellants further contend that from the lease deeds entered into with the Respondent No.1 company, they learnt that the lease would be only for 29 years at a time with a renewal clause. This made a huge difference to the Appellants since it was contrary to what they had been assured. Further, according to the Appellants they were compelled to take possession 1st October, 2011 even without the units actually being complete. 10. For the purposes of the present appeal it is not necessary to list out all the grievances that the Appellants have against the Respondent No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditors, shareholders etc. and has also fixed the time schedule, the said order itself was not made available in good time and this led to another order being passed by the learned Company Judge on 14th November, 2018 revising the dates of all such meetings. In terms of the further order dated 14th November, 2018, the meetings of the equity shareholders classes A, B C, the allottees of the Spire Edge Project, the allottees of Block A of the Spire Edge Project, Blocks A, E furnished offices Spire Edge Project, secured creditors and unsecured creditors are to be held between 16th December, 2018 and 13th January, 2019. 16. In a scheme of compromise and arrangement of a company, it is essential that all affected parties, who may have claims against the company, should have the opportunity of examining and commenting upon a proposed scheme of compromise and arrangement, unless it is shown to the satisfaction of the Company Judge that the claims of such claimants already stand settled. 17. In the course of the appeal today, while Mr. Kohli was unable to dispute that the Appellants have grievance against the company, he was not able to show or even give an assurance that the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct the rights of the allottees of Blocks B,C and D who are the Appellants here. 21. The Court is of the view that the complete and correct facts concerning the allottees of Blocks B, C D were perhaps not placed before the learned Company Judge. 22. For the afore-mentioned reasons, the Court modifies the impugned order dated 16th October 2018 of the learned Single Judge (as further modified by order dated 14th November, 2018) to the extent of holding a meeting shall be held also of the allottees of Blocks B, C D of the Spire Edge Project. 23. Accordingly it is directed as under: (i) A meeting of all the allottees of Blocks B, C D including the present Appellants shall be held on 14th January, 2019 at Plot No.CP-04, Spire Edge Project, IMT Manesar, Gurgaon, Haryana at 12 p.m. (ii) Mr. K. G. Gopalakrishnan, Advocate (Mobile No. 9810813707) is appointed as the Chairperson and Mr. Abhishek Ghai, Advocate (Mobile No. 8377090210) is appointed as Alternate chairperson to conduct the said meetings. (iii) The Quorum of the above said meetings of Block B, C and D allottees shall be 50% in number. (iv) In case the quorum as noted above for the above meetings i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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