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TMI Blog2021 (11) TMI 481X X X X Extracts X X X X X X X X Extracts X X X X ..... orce in the submissions of the Learned Counsel for the proposed Respondents that if the relief sought for by the applicant in this IA is granted pending consideration of the implead application, the same would result in grave injustice to the proposed respondents. Therefore, this Tribunal is of the opinion that interest of justice require, that an interim arrangement be made pending disposal of this IA. Respondent Banks are hereby directed to de-freeze the following accounts of the Applicant Company enabling the Applicant Company to operate the same subject to condition that the Applicant Company shall draw the amounts that is actually necessary and required to pay the wages and salaries to its duly employed workers and staff and to mana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 1 from alienating, disposing off or creating third party rights on the residential property vide document No. 5280/2018 registered at SRO Kukatpally purchased with the ill-gotten money from the petitioner company/erstwhile firm. (g) Restrain respondent No. 5 from alienating, disposing off or creating third party rights on the residential property vide document No. 1797/2019 registered at SRO-Kukatpally purchased with the ill-gotten money from the petitioner company/erstwhile firm. 3. The Applicants are contending, inter-alia, that all the bank accounts that were maintained with Respondents 1, 2, 3 were operated by Mr. Rajeev Satpal Lakhanpal (Ex-Director) of the Applicant Company from 06.05.2020 till the formation of the new b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8.10.2021 seeking an NOC from limits for removal of no debit of below accounts by referring to RBI Circular dated 04.08.2021. The RBI Circular is annexed and marked as Exhibit M-2 and urged the Tribunal to direct R-2 3 to remove debit freeze for smooth operations of the Company. Thus, contending the Petitioner prayed this Tribunal, to allow this petition. 7. It is to be noted that despite service of notice on the Respondents (Banks), none appeared. However, it is pertinent to note herein that the Applicant had not impleaded the Ex-Directors who are Respondents 1 5 in the main petition as Respondents in this IA. The Ex-Directors therefore filed an application bearing IA No. 09/2021 to implead them as Respondents to this Application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned counsel for the proposed respondents prayed that until and unless the implead application is decided and proposed respondents are impleaded as parties to this application, the Tribunal may not pass any order in this IA. 12. We have heard the Learned Counsel for both sides and perused the record. 13. At the outset, we wish to clarify that this Tribunal has not passed any order directing defreezing of the accounts of the Applicant as contended by the Learned Counsel for the Applicant/Petitioner Company. At the same time we also hold that there is sufficient force in the plea of the Learned Counsel for Applicant that the freeze order which is admittedly in vogue, is preventing the Applicant Company from paying the salaries and wages ..... X X X X Extracts X X X X X X X X Extracts X X X X
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