DUNLOP INDIA LIMITED Vs. BHARTIYA HOTELS PVT. LTD.

JUDGEMENT

(1.) The Court: The appeal is of limited import. It arises out of an ad interim order dated September 5, 2018 passed on the appellant's application in winding-up proceedings pertaining to Dunlop India Limited (in liquidation). The appellant is aggrieved by the refusal of the company court to grant interim protection in what the appellant perceives to be a fraudulent act and a scam by the respondent ICICI Bank Limited. By the order impugned of September 5, 2018, the company court noticed the "strong objection"? raised on behalf of the ICICI Bank as to the maintainability of the application and certain orders of the Supreme Court passed on February 12, 2016 and September 9, 2016 in proceedings arising out of special leave petitions filed from a Division Bench order of this Court confirming the liquidation of Dunlop India Limited, before declining an ad interim order. The effect of refusing the order is that even if the application ultimately succeeds, the valuable property may no longer be recovered as irreversible changes could be brought about by third parties.

(2.) It is submitted on behalf of the appellant that the factual basis as recorded in the second paragraph of the order impugned is erroneous on the face of it and the relevant orders of the Supreme Court did not preclude the company court from entertaining the appellant's application. As to the objection on the ground of maintainability, the appellant says that the order impugned does not indicate even a prima facie appreciation of how the company court, in seisin of winding-up proceedings against a company (in liquidation), could be said to lack authority in collecting or protecting the assets of the concerned company (in liquidation). When this appeal was received on October 5, 2018, it was the same ploy that was adopted by the respondent bank. A point of maintainability was taken, both regarding the present appeal and the application before the company court. On October 5, 2018, the respondent bank was required to indicate the status of the Worli property, which is the subject-matter of the application and this appeal.

(3.) On October 10, 2018, ICICI Bank claimed to be in possession of the Worli property. An ad interim order was passed in this appeal on such day in the following terms: