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TMI Blog2022 (6) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... aken that they have no objection in such an appointment. Various discussion clearly indicates that all is not well in the affairs of the 1st respondent Company. It appears that the respondents are violating the mandatory stipulations contained in the Companies Act. The affairs of the company are to be put on right track so that the object for which the company was incorporated could be saved. Therefore, it is proper and justifiable to appoint an Administrator to look into and manage the affairs of the Company. Since there is no opposition to the prayer for the alternative prayer in appointing an Independent Administrator to manage the affairs of the company, this Tribunal can pass an interim order to appoint an Independent Administrat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nds from Respondent No. 1 Company's bank account. c) To order an investigation into the affairs of the company and the role of Respondent No. 2 in defrauding and engaging in embezzlement with the help and connivance of Respondent No. 3. d) Recover the undue gains made by the directors during the period of their appointment. 3. In this application, it is stated that after incorporation of the 1st respondent Company, the 2nd Respondent never discharged his duties and responsibilities as envisaged and the Petitioner was forced to do business development on his own. During the F.Ys. 2017-18 and 2018-19, the company purchased two vehicles on loan, and out of these, one of the vehicles Audi Q3 was given to the Petitioner in reco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... along with two other individuals, Mr. Hashim Mohammed and Mr. Sunil to whom the 2nd and 3rd Respondents have been misappropriating and transferring the funds of the 1st Respondent Company, as stated in the Company Petition. Furthermore, the 2nd and 3rd Respondents are attempting to divert business of Respondent No. 1 to Sunpeak LLP as an entity related to the 1st Respondent Company as evident from the email address of Sunpeak LLP namely '[email protected]'. 6. It is further stated that since the Petitioner is not being allowed to approach the premises of the 1st Respondent Company, four new projects that were to be executed by the 1st Respondent company have been cancelled and the advances received from the clients in e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .03.2022. The auditor also intimated that there may be a penalty from the Registrar of Companies and the Income-tax, if there is any further delay in filings. The financial capability and existence of the 1st Respondent Company are deteriorating on a daily basis and at this juncture, if the same is allowed to continue it is likely that the 1st Respondent Company would become defunct. The applicant stated that it is for this reason that it is necessary that an Administrator be appointed to administer the affairs of the 1st Respondent Company pending disposal of CP/43/KOB/2021. 9. We have heard the learned counsel for the applicant Shri Aditya Venugopal as well as Shri Irfan Ziraj Learned counsel for R2 appeared through Video Conferencing. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e saved. Therefore, it is proper and justifiable to appoint an Administrator to look into and manage the affairs of the Company. 14. The learned counsel for the applicant as well as R2 stated that the petitioner may be appointed as the Administrator. Since there is a dispute between the petitioner and the other respondents, it is not conducive to appoint the petitioner as the Administrator. Hence, that prayer is declined. 15. Since there is no opposition to the prayer for the alternative prayer in appointing an Independent Administrator to manage the affairs of the company, we are of the considered opinion that this Tribunal can pass an interim order to appoint an Independent Administrator as per Section 242(4) of the Companies Act, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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