Calcutta High Court (Appellete Side)
Shikha Tiwari vs 26.03.19 Union Of India & Ors on 26 March, 2019
Author: Debangsu Basak
Bench: Debangsu Basak
1
W.P. No.5899 (W) of 2019
Shikha Tiwari
v.
26.03.19 Union of India & Ors.
SL-64
Ct-08 Mr. Sakya Sen
(S.R.) Mr. Arik Banerjee ... for the petitioner.
Mr. Himadri Kumar Bandhopadhyay
Mr. Anirban Sarkar
Mr. D. Samanta ... for the respondent nos.2 & 3.
Mr. Ashim Kr. Roy ... for the respondent nos.6 & 7.
The petitioner complains that, despite a representation made to the Bank to pay off the dues and to allow the petitioner to utilize the hypothecated assets, the Bank has not taken a decision thereon.
Bank and the private respondents are represented. The petitioner claims to be a shareholder and a director of SRNC Bodycare Pvt. Ltd. There are two proceedings under Sections 241 and 242 of the Companies Act, 2013 pending before the National Company Law Tribunal, Kolkata Bench in respect of the affairs of such Company. There subsists an order of status quo dated September 6, 2018 passed by the NCLT, Kolkata Bench, Kolkata. There is also a subsequent order dated January 22, 2019 passed by the NCLT in one of the 2 proceedings. The affairs of such Company are the subject matter of such proceedings and are receiving consideration of the NCLT. In this writ petition, the petitioner seeks to pay off the equated monthly installments due to the Bank and to utilize the assets of the Company, which stands charged with the Bank. So far as the payment of equated monthly installments is concerned, the Bank will allow the petitioner to pay the same, if the petitioner wishes to do so. However, neither this order nor such payments will create any right or equity in favour of the petitioner apart from those that the petitioner already enjoys. So far as the user of the assets of the Company is concerned, the same being the subject matter of the NCLT proceedings, no interference is called for by the Writ Court.
Learned advocate for the petitioner submits that, the Company be granted liberty to utilize its assets. He submits that, the assets are charged in favour of the Bank. As noted above, there are proceedings pending before the NCLT in respect of the affairs of the Company. It would be inappropriate for a writ Court to intervene in such circumstances. The parties to this writ petition will abide by the orders passed by the NCLT. 3
W.P. No.5899 (W) of 2019 is disposed of without any order as to costs.
Urgent certified Website copy of this order, if applied, be supplied to the parties, upon compliance of all requisite formalities.
(Debangsu Basak, J.)