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Judgment
O R D E R
06.03.2024 This Appeal is filed against an impugned order dated 18.08.2023. It is the submission of the Learned Counsel for the Appellant the Appellant holds 49.90% shares in the Respondent No.1, Company. It is alleged earlier on 28.03.2023, there was a status quo order granted by NCLT qua the assets of the company. It continued till 18.08.2023 when such status quo order was vacated as there were SARFAESI proceedings on account of debt due to Axis Bank. However, per order dated 18.08.2023, the status quo, as was granted on 28.03.2022, was vacated and thereafter a Board Resolution was passed by Respondent No.1 Company and the subject property viz. Saakar Bungalow was sold on 09.11.2023 to M/s Buttepatil Properties.
During the pendency of the Appeal, the Appellant had filed I.A. No. 5754 of 2023 to restore the status quo as on 29.09.2023 as also to quash and set aside the Sale Deed dated 09.11.2023 executed by the Respondent No.1 company in favour of M/s Buttepatil Properties. Further, I.A. No.5758 of 2023 was also moved seeking impleadment of M/s Buttepatil Properties as also its partners.
Vide order dated 07.12.2023, this Tribunal had occasioned to go through the I.A(s) No. 5754 of 2023 and I.A. No.5758 of 2023 and on the submissions made by the Learned Counsel for the Applicant that the status quo be maintained in view of the fact that one of the properties of the respondent no.1 has been allegedly sold to M/s Buttepatil Properties, this Tribunal directed the status quo prevailing as on that day be maintained by the parties.
Therefore, this Contempt Case (AT) No. 4 of 2024 is now filed alleging inter alia despite the status quo order dated 07.12.2023, M/s Buttepatil Properties have started construction in Saakar Bungalow Property, though it is denied by the Learned Counsel appearing for purchaser M/s Buttepatil Properties, a respondent herein.
It is the submission of the Learned Counsel for the Appellant the appellant shall be satisfied if direction is given to the Learned NCLT to dispose of the proceedings pending before it in a time bound manner and till such date, the status quo, qua the properties of Respondent No.1 Company including Saakar Bungalow Property be maintained.
Let the proceedings before the NCLT be concluded within a period of two months with a liberty to the M/s Buttepatil Properties to file an appropriate application canvassing its status as also liberty to the appellant to file an I.A. for quashing of the sale deed and if filed be decided as per law. The status quo as granted per order dated 07.12.2023 shall continue till such date. There is no opinion on merits. With the above directions, the Company Appeal along with Contempt Case stands disposed of. File be consigned.