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TMI Blog2024 (8) TMI 1157X X X X Extracts X X X X X X X X Extracts X X X X ..... llant - HELD THAT:- Admittedly Respondent No.1 had acquired shares under share certificate No.23 and a flat viz. bearing No.101 situated at Satsang Building for valuable consideration pursuant to an enforcement proceedings initiated by the Bank under the SARFAESI Act. The said acquisition tantamounts to transmission of shares in favour of Respondent No.1 by operation of law and hence Respondent No.1 had acquired, shares and flat through valid SARFAESI proceedings. In Dinesh Nagindas Shah Ors Vs. Pankaj Aluminium Industries Pvt Ltd [ 2010 (7) TMI 288 - HIGH COURT OF BOMBAY] it was held an award passed by an Arbitrator would fall in the ambit of transmission by operation of law and such transfer would not be based upon volition of the parties ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Shikhil Suri, Sr Advocate with Mr. Kunal Mehta and Ms Waarnika Chadha, Advocates Mr. Kshitij Wadhwa, Mr. Shivam Bhagwati, Ms Pranjana BH and Ms Swarupini Srinath , Advocates JUDGEMENT JUSTICE YOGESH KHANNA , MEMBER ( JUDICIAL ) The appeal is against an order dated 28.06.2024 passed by the Ld. National Company Law Tribunal, Mumbai. Vide the impugned order the Ld. NCLT has held that the immovable property viz. flat No.101 situated at Satsang Building, between Ville Parle and Andheri, Mumbai alongwith share certificate No.23, has been sold to Respondent No.1. 2. The facts of the case are the appellant company by way of Agreement of Lease dated 28th June, 1982 entered with one Siddiqui Hazi Oomer had purchased lease rights in an open Plot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d acquired shares under share certificate No.23 and a flat viz. bearing No.101 situated at Satsang Building for valuable consideration pursuant to an enforcement proceedings initiated by the Bank under the SARFAESI Act. The said acquisition tantamounts to transmission of shares in favour of Respondent No.1 by operation of law and hence Respondent No.1 had acquired, shares and flat through valid SARFAESI proceedings. 8. In Dinesh Nagindas Shah Ors Vs. Pankaj Aluminium Industries Pvt Ltd 2010 SCC Online Bom 942, it was held an award passed by an Arbitrator would fall in the ambit of transmission by operation of law and such transfer would not be based upon volition of the parties but by operation of law. 9. Though it was contended by the lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellant under Section 241/242 of the Companies Act as a counter blast to the Respondent No.1 s present proceedings. A copy of the affidavit in reply of the Bank dated 14.10.2019 in CP No.2970/2019 was annexed as Annexure F. Thus the appellant are now estopped from refusing to recognise Respondent No.1 s rights in the shares and possession of the flat. Pertinently pursuant to the expiry of the limitation period to challenge the Bank s SARFEASI proceedings, as a counterblast to Respondent No.1 s proceedings, the Appellant filed (i) Suit No.1033 of 2019 before the Hon ble Bombay High Court seeking declaratory injunctive reliefs and then CP No. 2970/2019 under section 241 and 242 of the Companies Act, 2013 for oppression and mismanagement but di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it was also one of the argument of learned counsel for the appellant that Ld. NCLT could not have condoned the delay in filing of the Company Petition without a formal application filed. It is stated though the impugned order takes note of the submissions of the appellant that the appeal is time barred but recorded that having gone through the record perused extensive communication between the parties regarding transmission of shares ..we deem it fit to condone the delay in filing the appeal. 15. It was argued these findings of the Ld. NCLT are contrary to the record as there was no extensive communication between the parties. 16. We have perused the letters dated 8th August, 2018 and 28th August, 2018 whereby the Appellant No.1 had sought ..... X X X X Extracts X X X X X X X X Extracts X X X X
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