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Judgment
27.02.2025: This appeal is against an impugned order dated 16.01.2025. Admittedly CA No. 1/KB/25 along with Company Petition is now listed for hearing on 03.03.2025. It is the submission of ld. Sr. Counsel for Appellant this company petition is pending since 2021 and even earlier applications filed by the Appellant, have not been disposed of, viz. for inspection and for appointment of an auditor.
It is further submitted the Appellants are holding 26% of the shareholding in Respondent No. 1 Company and whereas the Respondents are owners of balance of its shares. The shareholding to an extent of 26% approx. as claimed by the Appellant is though disputed by the Respondent.
At this stage, the ld. Sr. Counsel for the Appellant submits the Respondents are vacating rental premises of R1 company by 31.03.2025 and have also taken a decision to lift machinery /equipment lying in such rented premises and for which an inventory is being prepared by the Respondents, as is evident from a bare reading of the minutes of the meeting of Board of Directors, held on 06.12.2024.
It is the submission of the Appellant his representative be allowed to be present at the time of preparing of such inventory as he apprehends the Respondents may declare such machinery as obsolete and may dispose it of as scrap. These contentions are seriously opposed by the ld. Sr. Counsel for the Respondent arguing interalia such prayers were never made before the ld. NCLT.
Heard. It would be appropriate if we allow the Appellant to move an application before the ld. NCLT consisting of prayer made before us. Since the matter is listed on 03.03.2025 hence, till such date Respondent, as agreed, shall not dispose of or remove any of the equipment or machinery of Respondent no. 1 lying in the rental premises and thereafter the parties shall abide by the directions of the ld. NCLT.
In case such application is moved, it be taken up on 03.03.2025 and endeavour be made to hear it and to dispose it of as expeditiously as possible along with an earlier application viz. CA No. 1/KB/25.
Admittedly, an earlier order dated 19.07.2023 of this court contains a similar direction.
The ld. NCLT is thus requested to dispose of the company petition as well as pending applications, as expeditiously as possible, more preferably, within eight weeks from 03.03.2025.
Appeal stands disposed of. Pending applications are also disposed of.