9911796707
TMI Blog2019 (8) TMI 686X X X X Extracts X X X X X X X X Extracts X X X X ..... for short) against 'M/s. Sahara Q Shop Unique Products Range Limited'- ('Corporate Debtor'), which was admitted by the impugned order dated 15th December, 2017 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai on the main ground that there is no default on the part of the 'Corporate Debtor'. Sh. Romi Datta, Shareholder of 'M/s. Sahara Q Shop Unique Products Range Limited'- ('Corporate Debtor') has challenged the impugned order. 2. Learned counsel for the Appellant submitted that the impugned order was passed ex-parte on 15th December, 2017 and suffers from various infirmities. 3. According to him, the Hon'ble Supreme Court of India has prohibited 'Sahara Group of Companies' to pay any amount to an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntry without the permission of this Court." 5. It is further submitted that 'M/s. Sahara Q Shop Unique Products Range Limited'- ('Corporate Debtor') is a trading member and client of the 'Indian Bullion Market Association Ltd.' and as such it was supposed to receive a sum of Rs. 226.96 crores from the 'National Spot Exchange Ltd.' (NSEL), however, the 'Security Exchange Board of India' (SEBI) vide its letter dated 26th September, 2013 to NSEL called upon it not to release any amount due and payable to 'M/s. Sahara Q Shop Unique Products Range Limited' and further directed it to hold the said amount in a deposit account with any public sector bank bearing maximum rate of interest till further instructions. Pursuant to the direction of the S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elta Electro Mechanical Pvt. Ltd. v. M/s. Sahara Hospitality Ltd." has been enclosed. 8. It was further submitted that Contempt Petitions were preferred before the Hon'ble Supreme Court for non-compliance of judgment dated 31st August, 2012 by 'Sahara India Real Estate Corporation Ltd.' and 'Sahara Housing Investment Corporation Ltd.'. resultantly, all orders that have been passed by the Hon'ble Supreme Court in the Contempt Petitions are to be read and understood in the context of these two companies only. 9. It was further submitted that a bare and collective reading of the orders passed by the Hon'ble Supreme Court on 17th July, 2013, 28th October, 2013 and 21st November, 2013 as modified by the Three Judge Bench on 4th June, 2014, mak ..... X X X X Extracts X X X X X X X X Extracts X X X X
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