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TMI Blog2020 (10) TMI 333X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of the Hon'ble Supreme Court is binding under Article 141 of the Constitution of India. Furthermore, the CA No. 422 of 2019 pending on the file of National Company Law Tribunal, New Delhi Bench Court No. III is directed by the Appellate Tribunal to be taken up by the National Company Law Tribunal, New Delhi Bench, Court No. III on a day to day basis from 17.03.2020 without granting adjournments, and to dispose of the same within one week thereafter and to report compliance to this Tribunal. It is open to the respective parties to raise all factual and legal issues before the NCLT, New Delhi Bench III in CA No. 422 of 2019 and the said Adjudicating Authority shall take note of the same and to pass a reasoned order on merits, in acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cel of land not forming part of revised project land, as on the date of MoU but owned by Vipul Group and Karamchand Realtech Private Limited shall have a right to deal with the said land including but not limiting to transfer the same to any other entity at their sole discretion. Based on this, it is submitted by the Learned Counsel for the Respondents that the portion of land measuring 7 acres is not forming the part of revised project land. Therefore, the Vipul Group and Karamchand Realtech Private Limited has a right to deal with the said land. It is pertinent to note that the MoU dated 13.09.2008, provides that any land which is not forming the part of the revised project land is to be dealt with any manner by Vipul Group and Karamchand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pendency of Application filed under Section 8 of Arbitration Act, the Applicants/Petitioners will become remediless, which eventually will lead to multiplicity of the litigation. The Applicants/Petitioners have made a case prima-facie for grant of ad-interim injunction in relation to 7 acres of land, the balance of convenience is in favour of the Applicants/Petitioners and in case ad-interim injunction is not granted, till the outcome of the Application filed under Section 8 of the Arbitration Act, by the Respondent, the first Respondent Company and its Shareholders will lose the property. Therefore, issuance of ad-interim injunction is necessary to protect the right of the Applicants/Petitioners, the Company, and its Shareholders, wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e for a period of ten days from today. 4. At this Juncture, the Learned Counsel for the Appellant refers to the Judgment in Company Appeal (AT) 268 of 2019 Solitaire Capital India Ors. Vs. Vipul Sez Developers Pvt. Ltd. Anr. wherein on 02.12.2019 this Tribunal at Paragraph 8 had observed the following: In the aforesaid background, the Tribunal rightly held that predominant focus in a Company Petition under Section 241-242 of the Companies Act, 2013 is to safeguard the interest of the Company. However, if a party raises the issue of maintainability of the petition under Section 241-242 by filing a petition under Section 8 of the Arbitration and Conciliation Act, 1996, the Tribunal rightly held that such issue is to be decided b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Hon'ble Supreme Court in Civil Appeal No. 9400/19 dated 09.01.2020 this Tribunal comes to resultant conclusion that the said Judgment of the Hon'ble Supreme Court is binding under Article 141 of the Constitution of India. Furthermore, the CA No. 422 of 2019 pending on the file of National Company Law Tribunal, New Delhi Bench Court No. III is directed by the Appellate Tribunal to be taken up by the National Company Law Tribunal, New Delhi Bench, Court No. III on a day to day basis from 17.03.2020 without granting adjournments, and to dispose of the same within one week thereafter and to report compliance to this Tribunal. It is open to the respective parties to raise all factual and legal issues before the NCLT, New Delhi Bench II ..... X X X X Extracts X X X X X X X X Extracts X X X X
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