Ravikumar Duraisamy, Member - (1.) The Company Petition No. 27/2008 was initially filed before the Hon'ble Company Law Board, Chennai Bench, Chennai. Since the National Company Law Tribunal (NCLT), Hyderabad Bench, has been constituted for the cases pertaining to the States of Andhra Pradesh and Telangana, the case is transferred to the Hyderabad Bench of NCLT. Hence, we have taken the case on records of NCLT, Hyderabad Bench and deciding the case.
(2.) The main Company Petition was filed by the two Petitioners against the Respondents seeking various reliefs as mentioned in the Petition. The 1st Petitioner now seeks to withdraw the above Petition unilaterally filed in respect of the 1st Respondent Company and other respondents. The Petitioner seeks liberty to file any fresh Petition as and when the cause of action for filing the same arises. The Petitioner therefore prays that the Hon'ble Board may be pleased to permit the Petitioner to withdraw the above Company Petition.
(3.) In the main C.P.26 of 2008 Petitioner filed Company Application No. 11/2016 on 08.11.2016. The Application along with CA No. 73/2016 was listed before this Bench on 18.11.2016, 21.12.2016, 28/12/2016, 30.12.2016, 03.01.2017, 10.01.2017, 20.04.2017. During the hearing held on 03.01.2017 parties were directed to submit their written arguments by 10.01.2017. In response to the same, the Bench has received only the written submissions filed on behalf of Petitioner No1 i.e., Ravi Sanghi on 09.01.2017. In response to the CA No. 11 of 2016 another Petitioner namely Sri Gireesh Kumar Sanghi filed counter by strongly opposing the withdrawal application of the 1st Petitioner. R.3 and R.5 have also filed their counter dated 18.11.2016 and 25.11.2016 respectively. The major submission/argument put forward by P.2 and other respondents are as under:;