TaxTMI 
TaxTMI 
2024 (7) TMI 1463
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....pondents Nos. 1, 2 and 3 despite advance notice. 5. The petitioner is invoking extraordinary jurisdiction of this Court under Article 226 read with Article 227 of the Constitution of India praying for certain directions apparently in the nature of mandamus to respondent No. 1-Registrar of Companies and respondent No.2-Union of India, through Ministry of Corporate Affairs, for initiating and carrying out appropriate inquiries and investigation against the management of 'Three C Shelters Private Limited', i.e., respondent No.3 and sister group of companies, for the alleged acts of manipulating of records and siphoning off funds of the said company to certain shell companies based in Kolkata and elsewhere, freeze the assets of such unscrupulous companies including respondent no. 3 and thereby preserve the legal rights of the investors/home buyers like the petitioner. 6. The petitioner is a home buyer, who claims that she has been sold a plot by respondent No.3 in the Real Estate project by the name of 'Greenopolis', that was envisaged to be brought up at Sector 89, Gurgaon, Haryana. It is alleged that respondent No.3 and the Ex- Management/Directors have raised hundreds of crore....
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....itimate interest. It is urged that in any case the matter before the Supreme Court is pertaining to the legality of the CIRP Corporate Insolvency Resolution Process with respect to the company in liquidation, which has been brought to a complete halt in a dubious manner. It is submitted that the petitioner has approached this Court so as to seek legal action based on the three reports submitted by the IRP before the NCLT each dated 09.08.2023, that have shockingly been brought to the fore that the Ex-Management/Directors of respondent No.3, after raising funds from the investors/home buyers without any intention to complete the project, have altogether abandoned the project, and in order to shield themselves from any civil and criminal prosecution, they have got into strategic collusive insolvency proceedings in order to reap benefits of moratorium under Section 14 of the IBC thereby pre-empting stalling of any legal proceedings against the promoters and Ex-Directors of the company in liquidation. 10. It is pertinent to mention that learned Senior counsel alluded to the damning findings and observations reported by the IRP before the NCLT, which report is Annexure P-16 wherein v....
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....e paragraph (7.1) & (7.2), the following findings and observations have been brought to the fore as well:- "7.1. It is respectfully submitted that the records have revealed that there is another group of company viz. Ace Group, wherein there is a direct connection / commonality between the promoters of the Three C Group and the Ace Group. The records demonstrate that the management of Ace Group and Three C group is inter-related with each other. This is also clearly established from the fact that one Mr.Pratap Singh Rathi, Director of Ace Infracity Developers Pvt Ltd. (one of the flagship companies of Ace Group) has been a common director in M/S Ace Infracity Developers Pvt. Ltd. since 30.01.2015 till present and in Three C Residency Private. Ltd. (one of the companies of Three C Group) from 30.10.2019 to 09.03.2021. Furthermore, Mr. Pratap Singh Rathi is also a director in one more Three C Group company i.e. Three C City Developers Pvt Ltd. from December, 2019 till date. 7.2. It is respectfully submitted that even Bright Buildtech Pvt. Ltd. and the Ace Group have been working in close relation, and the management of both the companies are inter-related to each ot....
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....n connection between the promoters of the 'Ace Group' and respondent No. 3 'Three C Groups of Management' having common Directors and likewise with 'M/s. Bright Buildtech Pvt. Ltd' and other shell companies so much so that huge parcel of land in YEIDA area (Yamuna Expressway Industrial Development Area) as well in Gurgaon and other places have been transferred to M/s. ACE Infracity for nominal value of Rs. 1 lac. This Court has been taken through several documents on the record with respect to transfer of shell companies to ACE Group. It is also submitted that Ace Infracity Pvt. Ltd. is a proxy of respondent no. 3 and Resolution Plan which has been submitted by the IRP is assailed before the Supreme Court which has been stayed in Civil Appeal no. 007762/2023 vide order dated 08.01.2024. 14. In the backdrop of the aforesaid scenario, what becomes evidently clear is that despite the fact that the entire damning information having been brought to the knowledge of respondent No.1 & 2, they are failing to perform its statutory duties in terms of Chapter XIV of The Companies Act, 2013 to the detriment of large homebuyers and financial institutions. In this regard, it has been pointed ....
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....ure of such books and papers in the manner provided vide section 209 of the Act and proceed for freezing of the accounts of the company under investigation. 19. Considering the prayer made in the interim application moved on behalf of the petitioner, unhesitatingly there are compelling and justifiable grounds to pass certain directions so as to safeguard the paramount interests of the petitioner and those who are similarly placed in larger 'public interest'. 20. Accordingly, following interim directions are passed:- (i) Respondent Nos. 1 and 2, are hereby conjointly directed to initiate action and ensure step-wise compliance in terms of Section 206 to 210 of the Companies Act, 2013 and other analogous provisions in Chapter XIV of the Companies Act, 2013, and thereby inspect the affairs of 'Three C Shelters' and the related companies of 'Three C Shelters' in terms of the Status Reports of the IRP before the NCLT as brought out in his reports dated 9th August, 2023 and submit an Inspection Report within four weeks from today before this Court; (ii) Initiate appropriate legal action against respondent Nos. 6,7 and 8 thereby calling upon them to explain the dive....