2019 (5) TMI 1417

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.... Alok Dhir, Advocate, Mr. Krishnendu Datta, Mr. Amish Tandon, Mr. Sameer Abhyanakar and Mr. Ayush, Advocates, Mr. Arun Kathpalia, Senior Advocate with Mr. Mayank Mishra and Mr. Raghav Sabharwal, Advocates. JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. The 1st Respondent- Mr. Pankaj Oswal (hereinafter referred to as the "Petitioner") filed a petition under Sections 241, 242 & 244 of the Companies Act, 2013 against the Appellant- 'Oswal Agro Mills Limited & Ors.'- (hereinafter referred to as "the Company and Ors.") alleging oppression and mismanagement. 2. The 1st, 2nd and 16th Respondents ("Appellants" herein) filed Application Nos. 142/2018; 145/2018 and 146/2018 challenging the maintainability of the Company Petition under Sections 241, ....

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....ndents to the Company Petition, have challenged the said order by filing the present appeals. 6. The present appeals came up for hearing on the question of admission on 12th December, 2018, when this Appellate Tribunal issued notice. The Appellant Company sought for stay of proceedings pending before the Tribunal as also for stay of passing any order by the Tribunal in the interim application (CA No. 525 of 2018) filed by the 'Petitioner' (1st Respondent) relating to proposed sale of 'Chembur Land' which was listed for hearing before the Tribunal on 18th December, 2018. 7. Learned Senior Counsel for the 'Petitioner' ("1st Respondent" herein) opposed the interim prayer and alleged that the Appellant Company intends to sell the 'Chembur L....

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....undertaking that they will not sell the 'Chembur Land'. 9. When the Interlocutory Application for modification of earlier interim order was taken up, learned Senior Counsel appearing for the 'Petitioner' ("1st Respondent" herein) opposed the prayer and submitted that this Appellate Tribunal has rightly passed the interim order on 12th December, 2018 with regard to all the lands and assets of the Company in view of the interim application filed by the 'Petitioner' ("1st Respondent" herein) before the Tribunal. 10. We have heard learned counsel for the parties and perused the record. 11. For the present, we are not deciding the question of maintainability of the Company Petition, which is to be determined in the main appeals after heari....

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....cannot be dealt with in normal course of its business. 15. In a petition under Sections 241 & 242 of the Companies Act, 2013, the Tribunal has jurisdiction to pass interim order in terms of Section 242 (4), which reads as follows: "242. Power of Tribunal. ─ ......... (4) The Tribunal may, on the application of any party to the proceeding, make any interim order which it thinks fit for regulating the conduct of the company's affairs upon such terms and conditions as appear to it to be just and equitable." 16. Such power having vested with the Tribunal, this Appellate Tribunal can also pass interim order in the interest of the Company. Taking into consideration the fact that the interim order dated 12th December, 2018 if allowed ....