Everest Fincap Pvt. Ltd vs Krishna Relaors And 15 Others on 28 August, 2017
29. The learned senior counsel further submitted that the
guarantors and shareholders of a company cannot challenge the lawful
compromise arrived at by the company. The learned senior counsel
further submitted that the finding given that the Official Liquidator
had not obtained permission of the High Court is also incorrect. He
further submits that finding of fraud could not have been given only
on the ground of suspicion and inadequacy of consideration. The
learned senior counsel further submitted that official liquidator was
present when the compromise was arrived at, and as such, the finding
in that regard is also incorrect. The learned senior counsel has relied
on judgments in the cases of - (i) Bakul M. Kapadia Vs. Bank of
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WP. 2509-08
India1; (ii) R. Dilip Kumar Vs. Karnataka State Finance Corporation
& Ors.2 (iii) Shyamlal Purohit & Anr. Vs. Jagannath Ray & Anr. 3 (iv)
N. G. George Vs. Shirly Varkey & Ors. 4 in support of his contention
that Respondent Nos. 1 and 2 have no locus to approach the learned
tribunal.