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TMI Blog2021 (9) TMI 1366X X X X Extracts X X X X X X X X Extracts X X X X ..... any will come to zero. As the situation is very fragile and all the petitioners, including the promoters, are involved in the dispute under Section 242, filing petitions against each other, there is no clarity as to who is there to look after the interest of the company. The powers available to this Bench, under Section 241-242, are so extensive that the main intension of the Tribunal, while dealing with such petitions, is to protect the interest of the company first and then the shareholders next - When the shareholders, including the respondents, are involved in the disputes against each other and there is practically nobody there in the company to service the debts of the company, if at all the respondents indulge in any activity to s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gar, Adv, Ms. Shruti Gupta, Adv For the Respondent : Mr. Ramji Srinivasan Sr. Adv., Mr. Pawan Sharma, Ms. Divya Bhalla, Sidharth Aggarwal, Anuj Shah Advs, Mr. Abhijeet Sinha, Mr. Pawan Sharma, Ms. Divya Bhalla, Mr. Sidharth Aggarwal, Advocates ORDER This is petitioner filed by M/s Asian Hotel (East) Limited, Kolkata, as Petitioner no. 1 and Mr. Radhe Shyam Saraf, as Petitioner no. 2 and Mrs. Ratna Saraf, as Petitioner no. 3, against the respondents. Earlier the two brothers, belonging to the promoters group of the Respondent no. 1, had filed two petitions against the respondent company, which are numbered as CP - 108/241- 242/PB/2021 and CP - 118/241-242/PB/2021. After hearing the petitioners and respondents in the abo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spondents. The facts of the case, the status of the company etc. are very clear to us because this is the third petition with regard to the very same respondent company. All these are facts that, we have taken into consideration, when the matter was heard on the last occasion and the orders that were passed on 12.08.2021 are also applicable, mutatis mutandis,in this case also. Now, the apprehension of the petitioners is that, if at all, banks loan are not serviced and any petition under Section 7 of the Insolvency Bankruptcy Code is initiated against the company, the entire shareholding of the shareholders will get wiped-out and the prospect of the company will come to zero. As the situation is very fragile and all the petitioners, includ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h petitioners and also the respondents, with regards to the respondent company and the shareholding of the company. This order of status quo is to be maintained by all the parties concerned until the next date of hearing, when the Commissioner s report would be made available to us, on the next date of hearing i.e. 16.09.2021. Therefore, status quo as ordered by this Court, has to be complied with by all the parties concerned and the matter shall be taken up for further hearing on 16.09.2021. Respondents may take the notice of the same and file their reply by the next date of hearing, after duly serving the copies to the petitioners. List the matter for further consideration on 16.09.2021. - - TaxTMI - TMITax - Insolvency & ..... X X X X Extracts X X X X X X X X Extracts X X X X
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