MODI FIBRES LIMITED Vs. MODI RUBBER LIMITED

JUDGEMENT

(1.) This appeal under section 10-F of the Indian Companies Act, 1956 takes exception to the judgment and order passed by the Member of the Company Law Board (Principal Bench, New Delhi) (hereinafter referred to as CLB) dated 16/4/2009 in Company Application No. 255/2008 in Company Petition No. 48/2008. For the nature of order that I am inclined to pass, it is not necessary to reproduce all the facts in detail. Similarly, it may not be necessary to delve upon all the issues on merits. The contesting respondent No. 1 waives notice. In view of the short question, appeal is finally disposed off.

(2.) I would straightway advert to the operative order passed by the CLB which is subject-matter of challenge in this appeal. The same reads thus:

(3.) In other words, this Appeal essentially takes exception to the order passed by the Company Law Board admitting the petition filed by the respondent No. 1 company in part under section 111-A of the Act and also the order continuing the interim-relief passed by it on the earlier occasion till further orders. The impugned order has been passed without addressing the objection raised by the appellants about the maintainability of the petition either under section 397/398 or 111-A of the Act. Significantly, the CLB has noted the objections of the appellants regarding the maintainability of the petition in Paragraph 38, as follows: