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TMI Blog2021 (8) TMI 1288X X X X Extracts X X X X X X X X Extracts X X X X ..... 242(2) clause (a) (m) and Section 242(4) vested with the power to pass any order in the best interest of public and in the best interest of company. The Tribunal is vested with the powers given under Companies Act and Insolvency Bankruptcy Code are absolutely conscious the repercussions, if at all, a petition under Section 7 is initiated by any financial creditors against this company, when all the independent directors of the company have resigned expressing their inability to continue on the board of the company for the reason that the financial position is very badly suffered and executive director i.e. the petitioner is not taking any steps to regulate the affairs of the company and the wife of Mr. Shushil Gupta is not taking cogn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted, in which both the group hold about 46%. Without going too much into the merits of the case, on hearing the contention raised by Dr. Abhishek Singhvi, Senior Advocate from Supreme Court of India on behalf of the petitioner and Mr. Virender Ganda, Senior Advocate on behalf of the respondent, this Tribunal had felt that lot of mud is being thrown at each other for the present poor status of the company. It is an admitted fact that about 600 employees are working in the company and there seem to be huge loans taken from the Public Financial Institutions and Mr. Shushil Gupta, who was the Chairman Managing Directors of the Respondent no. 1 had become incapacitated due to some neurological problem in 2019 itself but held the position as Ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s further rises the questions as to who, actually, were at the helm of affairs of the company when Mr. Shushil Gupta was projected as the CMD of the company and why the blame was thrown on Mr. Sudhir Gupta, who is the respondent no. 2 in the petition. These are the questions which are required to be answered by the parties only on producing relevant documents, in support of their contentions. Apart from that there is any amount of duty cast upon this Tribunal in the public interest to gather the information which is essentially required for just adjudication of the matter, which can be obtained only by employing a Commissioner who is vested with the power and responsibility of verifying the records of the company and after interacting with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ential information which has been produced before this Bench wherein Mr. Sudhir Gupta had marked a copy of the same to Mr. Arun Sharaf is admitted. At the same time it is categorically stated that it is by mistake the same has been sent to Mr. Sharaf. As regards the appointment of Commissioner on a fact finding mission there is no objection on their side. 4. Now, the point that falls for consideration is whether this Bench is vested with the power to appoint an independent Commissioner with the fact finding mission and to submit a report so that the information which is essentially required for the just adjudication of the list between the parties, is made available. For the convenience of parties Section 241-Sub (1) clause (a):- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re brought to our knowledge, in the course of hearing by both the parties, if this Bench does not make any efforts to get the real factual position in the best interest of the company or in the public interest for the reason that the public money involved and there are public shareholders, the purpose of adjudication by this Tribunal will not be served. 6. In view of the same this Bench consisting of both the members deliberated on this issue after taking a break during the course of hearing and we are of the considered view that a commissioner be appointed on a fact finding mission with the power and responsibility as contained below. 7. In the said process we hereby appoint Mr. M.V. Ravindran, who formerly was the Acting President o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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