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Issues: (i) Whether the National Company Law Tribunal could examine the claim for refund and safe-keeping of the alleged deposit pending probate proceedings. (ii) Whether the absence of a finally determined legal heir or substituted claimant barred consideration of the application by a person claiming interest in the deceased depositor's estate.
Issue (i): Whether the National Company Law Tribunal could examine the claim for refund and safe-keeping of the alleged deposit pending probate proceedings.
Analysis: The application before the Tribunal was not limited to substitution alone. It sought adjudication on the existence, amount, maturity, and continued retention of the alleged deposit and on whether the company could continue to hold it in alleged contravention of the deposit provisions of the Companies Act, 2013. That controversy fell within the company law jurisdiction of the Tribunal, while the probate court was concerned only with the question of succession and entitlement to inherit. The pending testamentary proceedings did not oust the Tribunal's power to examine the deposit-related controversy or to secure the asset.
Conclusion: The issue was answered in favour of the Appellant and the Tribunal was held competent to proceed on the deposit-related claim.
Issue (ii): Whether the absence of a finally determined legal heir or substituted claimant barred consideration of the application by a person claiming interest in the deceased depositor's estate.
Analysis: The claim for preservation of the estate could be pursued by a person asserting a bona fide interest in the deceased's assets even before final probate, since such action was aimed at protecting the estate and not at conclusively determining succession. The Tribunal treated the parties claiming under the deceased as entitled to seek appropriate protection of the alleged deposit, and held that the question of who would ultimately inherit it remained for the probate court. The bar under succession law did not prevent consideration of a protective remedy in the company proceedings.
Conclusion: The issue was answered in favour of the Appellant and the pendency of succession proceedings was held not to prevent consideration of the application.
Final Conclusion: The appeal succeeded, and the matter was sent back for decision on merits so that the alleged deposit could be dealt with independently of the unresolved succession dispute.
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