FIDAALI MOIZ MITHIBORWALA AND ORS Vs. ACEROS FORTUNE INDUSTRIES (P ) LTD AND ORS
LAWS(NCLT)-2016-8-21
NATIONAL COMPANY LAW TRIBUNAL
Decided on August 23,2016

FIDAALI MOIZ MITHIBORWALA AND ORS Appellant
VERSUS
ACEROS FORTUNE INDUSTRIES (P ) LTD AND ORS Respondents

JUDGEMENT

- (1.)The petitioner, on 14th July, 2016, filed CA No. 12/2016 praying this Bench to direct the respondents to comply with the directions issued by Company Law Board ('CLB') and provide all the documents/information and permit the petitioner to carry out the inspection of the companies. The petitioner says that though CLB passed two orders dated 3rd September, 2015 and 9th April, 2016 directing the respondents to provide inspection of the documents of the respondent group companies in the CPs pending and to supply all the relevant documents demanded by the petitioner, but the respondents has till date not provided inspection or the documents as sought by him.
(2.)The petitioner mentioned various issues in this CA alleging that the respondents misled this Bench in passing the orders above mentioned to sell the unencumbered properties owned by Majolica Properties (India) (P.) Ltd. ('MP') and Aceros Fortune Industries (P.) Ltd. ('Aceros') to pay off the loans of other group companies despite MP and Aceros are not guarantors to any of the such loans availed by other group companies, namely, Majolica Impex (P.) Ltd. ('Majolica'), Angel Exim (P.) Ltd. ('Angel') and STMPL Enterprises ('STMPL').
(3.)The petitioner says that Majolica, Angel and STMPL have receivables of INR 138 crore outstanding as per the books available, since the money of these three companies have been stuck with debtors, the petitioner says it could be wise to realise those debts and pay off the loans instead of selling unpledged properties of MP and Aceros.
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