National Company Law Appellate Tribunal
Sanjeev Agarwal And Anr vs Shri Omkaleshwar Coloniseers Pvt Ltd ... on 31 March, 2017
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IN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL
COMBANY APPELLATE JURISING TION
Company Appeal AT) No. 20 and 31 af 2017
arising ont of Order dated 18% Jannary, 2017 passed hy NCLT, Allahabad
Bench tn C.P.Ne. 75 (ND) of 2016 New Number TP G9 /SO7-
398 /ALL/16/CLB AND C.P. No. 54 IND) of 2018)
Sanjecy Agarwal and Anr. oo Ape Lge
¥e.
Shri Chukaleshwar Coloniasers Prt, Lod.
And Aner. sooo MER PO RENE
Present: For Appellants: Mr. ELL Nkw, Senior Advocate with
Mr. BSubhanker Sengupta, Ms. Shkilpi Chaudhary,
Advocates
Ms. Anju Jain with Mr. Hitesh Sachar, Advocates for
Syuilicate Bank
For Respondent No. 2: Mr. Ashish Aggarwal with Ms.
Harlcen Raur, Advacetes
FUOGENMENT
SUDRANSU JVOTY NMURHOPADHAY A.J.
Appellenis have challenged common judgement and order dated {Ae
Jamusry 2017 passed by the Nanone! Campeny law Tribunal, Alehoabes
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3k The Company Petition Ne. SND} of 2016 under section S&F
the Casiparios Act, 1998 was fled by resporkcdent - Mr Satis
Another Company Petition No. TSEND) af 2019 under section Sey S
x
preferred by Appellants<Mr. Seanjeey Kumar Agrawal and Mr. Prameir Pratap
4, Appellants were respondents In the petition preferred by responden
A
Mr. Satish Kuumar Singh, whereas respondent ~ Mr. Satish Kumar Singh &
Gra. were respondents in the petition preferred by ansellants.
S. The Orief facts of the ouse sre aw follows:
There are four sharechoklers of Mys Shri Qmbaleshwar Colnnisers
Private Limite) (heremaiter referred fo as Company) in the sail Campany
the Appellant Nei - Mr. Sanjeev Agrewal has 20.27
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pn § Whether increasing of authorised 2 f an the Biespordd © A pbs 2 x uy aR e2 Ag = < wnat abou fh FWOHN N , fhe 'a oe et Ry IPE ES QUE & = é fOrS, ae Hf de Ne I ondent gs oh s SS pee, x "Question Ne. J share capital fram 12 lakhs to 80 lakhe is duly resolved fn the Board meeting dated $2. 20782 POR ':
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arg ge $s "hae 45 ge. a ag Peed eB ye hon we Ps i 4 2 x oe ied * fot 2 a RE wo a oe ey ne By % ss os ie Be fe " he x A fad } mh 2 x % a " Ss ha " Ge a a 4 ' ae & 'nog Son 'thine ry ony aot a 0 ae ope _ bp 4d pea ea wit "tt ey wes, we yes . uy 4 gs ye ei bas Sat Se nd Ry he ma oe, x pe 7 op. ad ns oe o be % Soy oat eae ht tes loan from Ganga Sager is barred under sec 39 af 8 Compurnes dot, 20/2 read ath Companies ar Deposiia) Rules 2014 and the said transection will not fal ureder emenyted borrowings, Further & is alleged in para 18 af the rajainder that Respondent Ne. 2 aml Ganga Sagar Singh y faded {@ attach any eiidence such as Bank aconunis and persercal frcome Prsuy, usc Reve notiesd inconsistency ix Sve pleas af the pelGoner, When in fhe Petivener Ae is afedite Shef the Respondents have unauhoriawiy borrower! fram ¢ Guage Sager Sig, i the Rejoinder, ke states that Respondent and GRUEGH Sager ought to Actwe Aled heir heavk stetemen? anc ¢ 7. peter fo x prove the foctum of fe Huo guermerds ane onutvally inoomeisfent, Seong, Of an admitted fact, there need not be any evidence from atfher of the partes. The only question is whether raising a loan ar deposit is legal and ifsc, whether if amounis to susmanagement affenting e 2X, prepaciady (he oueresis of the company."
The Tribunal as a whole discussing the aluresaid fects taking ines y corgiioration the materiais an record came fo @ definite oanchusion that ao Mismanagermient', but HY examined curmulatively in discerdant created Dy the parties, would ameunt to "agpr mampelling the Tribunal to order Hquidadian but that was not in af the company and therefore pasaed the order, ig. Learned counsel on behall of the appellants submitted that there were oo e oe ft no acts of Oppression ar Mismanagemernt' an the part af the appelis Whatever the acts af 'oppression and mismanagement was on the part af reapandent ~ Mr, Satish Kumar Singh. [bwas contended Siat the LOOM Company was not called fo easing the author f Saard of Governors' and - BGM, Wary held. However, Saving ne Held Chat the action of the Cammany in.
any of the group.
13. Learned counsel appearing on behalf of the respondents submitted thar a sum af Re. P15 isce was taken for increasing the authorized capital of the x Company. As per samofianed letter Varar we oy os oo $e:
Sut ge & ne, e we % Ge ee a Pat Ie we ee ¢ fe a ved 3 nag et ped wen es 4 fa 4 oot Si, GSD percentage of total capital woes sho Mr. Satish Nurmar Sh eh, Mr. Sargeey Aprawal and Pravin Kumer Garg all three were guarantors; the Bank was te provide apmrosimatehs S870 eo, wh perceniage of the amountand rest 65.90 percentage amount was to be borne rf by the company. in apie of recniest made to the appellant t6 provide or induce money in the company they had not provided the amount. Therefore, loan WAS taken fram one Mr. Genga Koarar Singh to comstruct boundary wall of the company, which was given to the Company 3 &y STERIL was paid to one Mr. Redar Nath, the comtmacter, morsasing of the suthorived capital of the co:
hate the akhersholcdine R of appression fer the purpose Of Tee TERANCHAL MMAMAMAge Mer al fo the company or not, the Tribunal prefudios agused ta any gerson ar the Company in that transaction.
> Pris minioreesdt iis view by the fact tha' by appellants and the reapendent to S at atating that cast averrun and debt short i aie prnceern short fall * hac been mai by pra hs We, thus find thal the amount borrowed on interest fyee basis fram Gengs Kumar Singh Was & bonafides tramsactan.
yoy iF. Wealso find that the appellants } SOLS to Bank to frees the aormsilanta who tried to stall the pp freesing ascaunt. This is anc of the ground on which one can deny any epeciic Sos relief to the appellants. However, as the Tribunal has got given any fmcding zB againat the appellarts qua the letter dated Of Pobruary 2015, we do nat EXPTOSS Ey SEROUS OEUTHOT gan thas reward.
{8 We Ned no merit in these appeals, Interim Orders pasacd earler, inchiding the order ds are vanaied, The Syndicate Bank, Corporates Branch, Varanaai wil proce ad agcordanee with the decision renciered by the Tribunal, However, in the fsets and eireumatanees of the case, thers shall be Ao order as ty cost.
iMr. Balvinder Singh) ihustice 8.3. Mukhopadhaya) Member [Teohriosl Chairperson NEW DELHI 31% March, 2017