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Judgment
Heard learned counsel for respondent no. 2/ applicant and learned counsel for the petitioner/non applicant in respect of prayer of respondent no. 2 seeking deletion for which it has filed MA.
Respondent no. 2 has made averments in paragraph 3 and at other places including paragraph 13 to the effect that Nxt Digital ltd.is not holding any MSO licence and is not having business of providing signals to local cable operators (LCOs). It has therefore no reason to provide STBs to any LCOs or swapping any STBs.
No doubt, petitioner has filed a reply and denied the claim of respondent no. 2 but has not annexed any documents to show that NXT Digital had any kind of licence or business wherein it has provided TV signals to LCOs at the time of filing of the petition or on any earlier date. The petition was filed on 15.11.2019.
In the rejoinder,respondent no.2/applicant has annexed an order of demerger of the applicant company passed by NCLT, Mumbai on 21.8.2020. Learned counsel for the applicant submits that prior to this date, respondent no.2 could not be associated with the business of IMCL(demerged company) which was in the business of providing TV signals to LCOs. A legal issue arises whether the effective date of entering into business would be 21.8.2020 or the appointed date under the scheme which was 1.10.2019. NCLT has approved/sanctioned the scheme but on 21.8.2020.
By way of last opportunity, the non applicant/petitioner is granted liberty to bring on record any document to support its stand in the reply. Learned counsel shall also come ready on the legal issue as to whether the effect of demerger would be from the date of sanction by NCLT i.e. 21.8.2020 or the appointed date 1.10.2019, fixed under the approved/sanction scheme. Material, if any, should be brought on record through supplementary reply within three weeks. Rejoinder, if required, to such additional reply may be filed within a further period of three weeks. No further opportunity shall be granted for the aforesaid purpose and the MAs shall be decided on their merits on the next date.
Post the matter under the same head on 1.12.2021.