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TMI Blog2019 (5) TMI 1417X X X X Extracts X X X X X X X X Extracts X X X X ..... o find that the Company is a Real Estate business of construction to the allottees. If the interim order dated 12th December, 2018 is allowed to continue, it would result in stopping the entire business and operations of the Appellant Company as not only immovable assets, even the movable assets of the Appellant Company cannot be dealt with in normal course of its business - Such power having vested with the Tribunal, this Appellate Tribunal can also pass interim order in the interest of the Company. Taking into consideration the fact that the interim order dated 12th December, 2018 if allowed to continue, it will result in stopping the entire operations and business of the Appellant Company, as Company in normal course cannot sell or allot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. ) alleging oppression and mismanagement. 2. The 1st, 2nd and 16th Respondents ( Appellants herein) filed Application Nos. 142/2018; 145/2018 and 146/2018 challenging the maintainability of the Company Petition under Sections 241, 242 244 of the Companies Act, 2013 at the instance of the Petitioner - ( 1st Respondent herein). 3. On 21st May, 2018, the National Company Law Tribunal (hereinafter referred to as the Tribunal ), Chandigarh Bench, Chandigarh, observed that the reply to the main Company Petition was not filed by the Respondents ( Appellants herein) and there was difference and inconsistency between the copy of the Power of Attorney filed vide Diary No. 907 dated 16th March, 2018 and the one ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r (1st Respondent) relating to proposed sale of Chembur Land which was listed for hearing before the Tribunal on 18th December, 2018. 7. Learned Senior Counsel for the Petitioner ( 1st Respondent herein) opposed the interim prayer and alleged that the Appellant Company intends to sell the Chembur Land and referred to notice dated 23rd October, 2018. This Appellate Tribunal on 12th December, 2018 by common order while issued notice, passed the following interim order: 12.12.2018 Let notice be issued on the respondents. Mr. Mayank Mishra, Advocate accepts notice on behalf of 1st Respondent- Mr. Pankaj Oswal. No further notice need be issued on him. He may file reply-affi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his Appellate Tribunal has rightly passed the interim order on 12th December, 2018 with regard to all the lands and assets of the Company in view of the interim application filed by the Petitioner ( 1st Respondent herein) before the Tribunal. 10. We have heard learned counsel for the parties and perused the record. 11. For the present, we are not deciding the question of maintainability of the Company Petition, which is to be determined in the main appeals after hearing the parties. We have noticed that an order of status quo was passed by the Hon ble High Court of Delhi on 8th February, 2017 at the behest of Petitioner ( 1st Respondent herein) inter alia, directing the Defendants to maintain statu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n terms of Section 242 (4), which reads as follows: 242. Power of Tribunal. ─ ( 4) The Tribunal may, on the application of any party to the proceeding, make any interim order which it thinks fit for regulating the conduct of the company s affairs upon such terms and conditions as appear to it to be just and equitable. 16. Such power having vested with the Tribunal, this Appellate Tribunal can also pass interim order in the interest of the Company. Taking into consideration the fact that the interim order dated 12th December, 2018 if allowed to continue, it will result in stopping the entire operations and business of the Appellant Company, as Company in normal course ..... X X X X Extracts X X X X X X X X Extracts X X X X
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