Tribunals and CommissionsDivision Bench(2019) 03 NCLAT CK 0037

Pramerica ASPF-II, Cyprus Holding Ltd vs Metrocorp Infrastructures Ltd. & Ors

National Company Law Appellate Tribunal · Decided on 18 March 2019

HON’BLE JUDGES
S.J. Mukhopadhaya, J · A.I.S. Cheema, J
RESULT
Disposed Off
CASE NUMBER
Company Appeal (AT) Nos. 73, 74 Of 2019

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Judgment

2 paragraphs · 178 words

From the impugned order(s) dated 25th February, 2019, we find that on 11th December, 2018 the National Company Law Tribunal, Bengaluru Bench, Court No. 1 (hereinafter referred to as the 'Tribunal') directed respondent No. 1 to produce all the documents in support of the proceedings, especially in enhancement of the share capital, notices of the petitioners/shareholders (appellants). Subsequently the action has not been taken and the matter was adjourned to 22nd March, 2019. As the substantive decision has been taken by the Tribunal, we are not inclined to interfere with the impugned order(s). However, we express that the Tribunal should decide the Company Petition on an early date as more than four to six years have already been passed. The parties are directed not to ask for unnecessary adjournments and if Respondent No. 1 will not produce all the documents then the Tribunal will proceed on the basis of the record already available and it should ensure the disposal of the company petition within three months uninfluenced by this order.

Both the appeals stand disposed of. No cost.