9911796707
TMI Blog2021 (10) TMI 1085X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Arun Kathpalia & Mr. P. Nagesh, Sr. Advocates alongwith Mr. Sidhartha Das, Mr. Saurabh Kalia, Mr. Gajanand Kirodiwal, Advocates for R-1 & R-2. JUDGEMENT [ Per; Shreesha Merla, Member (T) ] 1. Aggrieved by the Order dated 20.07.2021, passed by the NCLT (National Company Law Tribunal, New Delhi, Principal Bench) in C.P. No.- 110/241-242/2021, the Respondent- 'Kadam developers Private Limited & Ors.' preferred this Appeal on the ground that the NCLT has erroneously passed an Order directing Status Quo on the shares and assets of the Appellant Company despite the fact that the entire share transactions was a subject matter of challenge before the Hon'ble High Court of Delhi in various connected matters. 2. The NCLT, by the Impugned Orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... res and the same shall be in force until further orders. List the matter for further consideration on 26.08.2021." 3. The Learned Counsel appearing for the Appellant submitted that the first Respondent 'M/s. Creative Souls Technology India Ltd.' is arrayed as Respondent No. 4 before the Hon'ble High Court of Delhi and drew our attention to the Order dated 19.07.2021 in OMP/1/COMM/213 of 2021, between Shipra Estate Ltd. and Indiabulls Housing Private Limited & Ors., in Paras 3 to 9, by which Order, it is observed as follows:- 3. It does appear that Indiabulls Housing Finance Limited (respondent no.1) has sold the shares held by Shipra Estate Limited in Kadam Developers Private Limited (respondent no.4) to respondent no. 13 (Creative Sou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tempt to over management and/or further deal with the shares in question while the petition and other matters are being considered. 7. Since these petitions are being heard on an urgent basis, this court considers it apposite to direct the parties to maintain status quo as to the shares of respondent no. 4 company. Further, none of the parties shall exercise any rights in respect of the said shares. 8. It is clarified that the observations made in this order are tentative and should not be considered an expression of opinion (either prima facie or otherwise) determinative of any of the questions being considered. As noted above the petition is part heard and none of the parties are precluded from canvassing their contentions. 9. List ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der Sections 241 & 242 of the Companies Act on 16.07.2021. An advance copy of the Petition was duly served on 19.07.2021. The copy of the Impugned Order dated 19.07.2021 was uploaded in the website of the Hon'ble High Court of Delhi on 20.07.2021. 6. The Learned Counsel submitted that Respondents 1 & 2 preferred an Appeal before the Division Bench of Hon'ble High Court of Delhi against the Order dated 19.07.2021 and the Hon'ble Division Bench vide Order dated 27.07.2021 issued Notices. Thereafter vide Order dated 11.08.2021 directed the Single Judge to decide the said Petitions and next date of Hearing was fixed on 07.09.2021. It is the case of the Respondents that on payment of an amount of almost Rs. 750 Crores/-, the pledged shares of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons. 9. List on 20.07.2021." (Emphasis Supplied) 8. It is seen from the record that the Respondent 'M/s. Creative Souls Technology India Ltd.' has been restrained by the Hon'ble High Court of Delhi in exercising any rights Qua such shares vide Order dated 19.07.2021 passed in OMP/1/COMM/213 of 2021. Learned Counsel for the Appellant has also filed an Additional Affidavit with respect to the first Respondent conducting Extraordinary General Meeting removing the existing Directors and appointing its own Directors at the Board of the Appellant and submitted that Contempt Proceedings were also being initiated before the Hon'ble High Court of Delhi. We refrain from passing any observations regarding the subsequent developments as it is not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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