MONIVEDA CONSULTANTS LLP Vs. SHAJAS DEVELOPERS PRIVATE LIMITED

JUDGEMENT

(1.) The present Appeals are directed against the order dtd. 11/10/2022 ("Impugned Order") passed by the National Company Law Appellate Tribunal, New Delhi ("NCLAT"), in Company Appeal (AT) No.104 of 2021 along with Contempt Case (AT) No.02 of 2022, whereby the NCLAT set aside the order dtd. 29/7/2021 passed by the National Company Law Tribunal, Mumbai Bench ("NCLT") declining interim relief in CA Nos.147 and 199 of 2021 in CP No.159(MB) of 2021, but confined interim protection to a direction restraining the parties from taking any "perceptive steps" for a period not exceeding one month, and further directed that the contempt proceedings be heard by the NCLT.

(2.) The Appellant No.1, Moniveda Consultants LLP (formerly Gauri Rajeshwari Consultants Pvt. Ltd.), claims to be a 40% shareholder of Respondent No.1, Shajas Developers Private Limited. The Appellant No.2 is a partner of Appellant No.1 and was appointed as a Promoter-Director of Respondent No.2, JLS Realty Private Limited. Respondent No.1 is a holding company which holds the entire share capital of Respondent No.2. Respondent No.2 is engaged in the business of slum redevelopment and owns land admeasuring approximately 21,727 square metres situated at Shankarwadi, Jogeshwari (East), Mumbai, along with attendant development rights, stated to be valued at approximately Rs.1000.00 crores. Mr. Suketu Viren Shah, Respondent No.3 is the personal guarantor of certain loans secured by the Respondent No.2 and alleged mastermind to usurp the Appellant's assets in Respondent No.2, he is alleged to have full control over Respondent No.4, Neelakantan Krishnan Iyer and Respondent No.5, Mangesh Pandurang Kadam, who are the shareholders of Respondent No.1.

(3.) Respondent No.2 was incorporated in February 2008, and Respondent No.1 was incorporated on 29/7/2009. In 2009, Meshulam Levinstein Contracting and Engineering Ltd., an Israeli entity, entered as a strategic joint venture partner in Respondent No.2. As on July 2009, Respondent No.1 held 35.92% of the shareholding of Respondent No.2, while the Levinstein Group held 64.08%, with a six-member board comprising equal representation from both sides.