ORDER WAS MADE THEREIN AS UNDER:
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CORAM: HON'BLE MR JUSTICE HEMANT CHANDANGOUDAR
ORAL ORDER
The caveator is not a party in the petition. Office to delete the name of the counsel representing the caveator from the cause list.
2. Heard, Sri.D.R.Ravishankar, learned Senior Counsel representing for the petitioner counsel.
3. The Petitioner is a shareholder holding upto
99.99 % of the shareholding of the respondent No.1 - company. The respondent No.2 is the Director. The petitioner is also a guarantor / co-borrower of several assets belonging to the respondent No.1 company.
4. The petitioner has initiated proceedings under Section 242 of the Companies Act, 2013 before the National Company Law Tribunal in CP.No.90/2024, wherein the said the Tribunal vide order dated 16.10.2024 had restrained the petitioner from alienating the assets belonging to the company.
5. The petitioner had filed an application to sell the assets/Buses of SRS Travels and Logistics Private Limited, so as to utilize the proceeds of the sale, for repayment of loans availed by the respondent No.1 - Company to prevent any claims of lenders against the personal properties of the petitioner and to prevent the indiscriminate dissolution of the assets belonging to the respondent No.2. The petitioner further alleges the respondent No.2 - Director has abstained from
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performing his duties, in breach of his fiduciary duty towards the company and it shareholders.
6. The grievance of the petitioner is that the said application has not been considered as of today. Therefore, it is expedient to dispose of the petition, directing the National Company Law Tribunal, Bangalore, to dispose of the application filed for selling the assets/Buses belonging to the 1strespondent in accordance with law within a period of one week from today.
Hand delivery ordered.
Sd/-
(HEMANT CHANDANGOUDAR)
JUDGE
TIN
List No.: 1 Sl No.: 2