- (1.) The matter comes up on a misc. company application No.15343/2015 for issuing directions. It has been prayed that the respondent No.2 Shailender Garg be directed to deposit the outstanding dues of ICICI Bank as per its letter dated 15.06.2015 pertaining to the credit facility agreement/home loan for an amount of Rs.2 Crores and 19 lacs availed by him from ICICI Bank in respect of which the appellant as Director had mortgaged the sole immovable property of the respondent No.1 M/s. Naman Diagnostic and Research Centre Private Ltd., situate at 3, Chetak Marg, Near Gangwal Park, J.L.N. Marg, Jaipur, as collateral security.
(2.) The background facts relevant for the adjudication of the misc. company application are that vide order dated 02.04.2013, the Company Law Board on an application under Sections 397-398 of the Companies Act, 1956 (hereinafter "the Act of 1956") invoked its powers under Section 402 thereof and directed that on payment of a sum of Rs.1,30,000/-, the vacant possession of the constructed portion situate at 3, Chetak Marg, Near Gangwal Park, J.L.N. Marg, Jaipur, on the land of respondent No.1 M/s. Naman Diagnostic and Research Centre Private Ltd. be handed over to the respondent No.2 Shailender Garg and the appellant not thereafter use and occupy the said portion of land. The shares standing in the name of the appellant were to be transferred to respondent No.2 Shailender Garg. Breach of the order of the Company Law Board was to entail monthly payment of Rs.20,000/- as penal charges payable commencing 01.01.2002 by the appellant to the respondent No.2 Shailender Garg till the date of the order i.e. 02.04.2013 and thereafter Rs.50,000/- per month from the date of the order i.e. 02.04.2013 till the handing over of vacant possession of the constructed portion referred to above to the respondent No.2 Shailender Garg. Other directions were also issued qua the property of M/s. Naman Diagnostic and Research Centre Private Ltd. situate at 3, Chetak Marg aforesaid.
(3.) An appeal against the order dated 02.04.2013 before this Court under Section 10-F of the Act of 1956 has entailed an interim order, being passed on 27.03.2015 by this Court as under : "In the meanwhile, the order dated 02.04.2013, passed by the Company Law Board in Company Petition No.74(ND)/2011 is stayed.";