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Judgment
04.06.2025: These two appeals are filed against the impugned order dated 28th May, 2025 by the Ld. NCLT, Vacation Bench, Ahmedeabad in CP No.33(Ahm)2025 whereby the Ld. NCLT has held as follows:-
“On perusal of the materials placed on record, this Tribunal notes serious allegations of fraudulent conduct, including diversion of company funds by the promoters of Gensol Engineering Limited (Respondent No.1) and related entities, violation of corporate governance norms, manipulation of financial statements, default in loan repayments despite false declarations, and illegal alienation of company assets. The investigation reports and regulatory findings from the Ministry of Corporate Affairs, SEBI, and Serious Fraud Investigation Office prima facie support the petitioner’s claims of systemic fraud involving substantial public interest.
Upon considering the facts and circumstances of the case we deem it appropriate to grant the interim reliefs as sought at (a) to (j) in para 22 of the Petition. Notice be served upon all the respondents by all means with the copy of petition as well.
It is the submission of the learned senior counsel for the appellant that the impugned order is passed without affording an opportunity of being heard to the appellants and against the NCLT rules but whereas Mr. Sanjay Shorey, DG, COA, MCA submits there are specific allegations in the petition filed before the Ld. NCLT by Union of India and such allegations have been duly considered by the Ld. NCLT and if one peruse the petition it contains all materials facts upon which the impugned order was passed.
After hearing some arguments on behalf of the parties, learned senior counsel for the appellants submit that let these appeals be treated as application(s) for vacation of stay granted on 28.5.2015. At this stage, Mr. Sanjay Shorey, DG, MCA appearing on behalf of Respondent Union of India submits that there ought to be the compliance of Ld.NCLT order dated 03.06.2025 prior to hearing on vacation of stay.
It is the submission of the learned senior counsel for the appellant the matter is listed before the Ld.NCLT on 12.06.2025 which may cause hardship to the appellants since the payment of salaries and other running expenses of he companies shall be due and hence request for preponement of the date. The Ld. DG on the other hand submits the Government is also looking into this aspect.
In view of the above we dispose of these two appeals by requesting the Ld. NCLT to treat these two appeals as applications of the appellant(s) for vacation of stay granted vide order dated 28.05.2025 and its consequent orders; while keeping open all the submissions which may be made before the Ld. NCLT by either parties. In case any party intends to file any supporting affidavit before the Ld. NCLT, may make a prayer before the Ld. NCLT in this regard.
With above observations both the appeals are disposed of.
Pending applications, if any are also disposed of.