AI Structured Summary
Not yet generated for this judgment
Judgment
01.04.2025: The IA No. 1723/2025 is filed by the appellant under Rule 11 of NCLT Rules seeking condonation of delay of 38 days in re-filing the present appeal. Considering the reasons stated in the IA No.1723/2025, the same is allowed.
The IA No.1780 of 2025 is filed under Rules 11 and 14 of the NCLAT Rules, 2016, seeking permission to file dim annexures and exemption from filing true typed copies of dim annexures. Considering the submissions made in the IA, the same is allowed with the direction that the legible copies of the dim annexures be filed within two weeks from today.
This appeal is filed under section 421 of the Companies Act, 2013 against an impugned order dated 12.12.2024 passed by the NCLT, New Delhi in IA No.5834 of 2024 in CP No.41/ND/2012wherein the Ld NCLT directed the appellants to ensure the shares which were to be transferred to applicant in terms of the MOU dated 19.07.2019 are not to be transferred/assigned to third party.
It is the submission of the learned senior counsel for the appellant that on 19.07.2019 the parties had entered a settlement/MOU wherein R1 agreed to pay certain sum for acquiring shares and settling loans; though is rebutted by the learned senior counsel for the Respondent. It is the submission of the learned senior counsel for the appellant two addendums were signed in 2020 and 2024 extending the deadline and increasing the consideration amount and as of 27.03.2024 amounts were pending hence the appellant issued a termination notice on 30.03.2024 to Respondent No.1 alongwith a refund cheque. It is the submission that on 12.12.2024 the learned NCLT without giving the appellants an opportunity to respond, had restrained the appellant from transferring shareholding. It is submitted after the impugned order dated 12.12.2024 there has been a change in circumstances, as the Allahabad High Court, in Writ Petition No.8858/2024, decided on 18.12.2024, as well as the Hon’ble Supreme Court of India vide order dated 24.02.2025 passed in SLP (Civil)Diary No.4860/2025 has held the refund is the only alternative in the circumstances. These facts are, however, disputed by Respondent No.1.
Admittedly the Ld. NCLT is seized of the matter and is hearing applications No.5834/2024, 5875/2024, 178/2025, 1339/2025 and 304/2025. Notices have to be issued in some of these applications.
Since the Ld. NCLT is already seized of the matter and has partly heard it on 25.03.2025 and now the next date of hearing is 02.04.2025, hence it would not be appropriate for us to intervene at this stage and thus we direct these applications be heard and be disposed of in a time bound manner, as expeditiously as possible, more preferably within 8 weeks from today, including the submissions qua maintainability of such applications. The endeavour be made to get the pleadings complete within two weeks.
The appeal, thus, is disposed of in terms of the above. Nothing stated above shall be treated as an expression of opinion on merits of the lis pending before the Ld. NCLT.
All pending applications are closed.