Sri Trivikram & Ors vs The Mysore Stoneware Pipes & Potteries ...

Present: Mir. Raghavendra S Srivastava, Advocate for the Appellant. Mr. Abhishek Malhotra, Mr. Ankit Chaturvedi, Advocates for the Respondent.

ORDER

31,02,2017- The appellants/petitioners have preferred this appeal against the

order dated 3.1.2017 passed by the National Carnpany Law Tribunal, Bengaluru

Bench in TA. No.25/2016 in CP No.13.2016 CTP. No.84/2016). By the impugned

order dated 3.1.2017 the Tribunal has rejected the prayer of the

appellant/petitioners to amendment of the company petition enclosing the instructions issued by the Securities Exchange Board of india GEBD We have heard the Ld. Counsel of the appellant/petitioners and the Ld.

Counsel for Respondents No.1, 5 and 7. On perusal of the record and on hearing

the parties we agree with the order passed by the Tribunal disallowing the

amendment of the Company Petition as the circular issued by Securities

Exchange Board of India (SEBD or Reserve Bank of India or amy Law is not

required to be pleaded but can be relied upon by parties for proper assistance of

the Court. Ifthe appellants'petitioners intend to rely on any circular issued by the

SERI or Central Government or RBI or any law it is always upon them to rely on them at the time of hearing and for assistance of the Tribunal.

For the reasons aforesaid we are not inclined to interfere with the impugned order.

However, as we find that the Company Petition is pending for more than one year and under Section 422 of the Companies Act, 2013, the Tribunal was required to dispose of the petition within three months, and thereatier if so required after another three months, are of the view that the Tribunal should dispase the Company Petition on its merit, expeditiously, after hearing the parties without granting unnecessary adjuurnments.

The appeal stands disposed of with the above observations.

(lustice 8.J. Mukhopadhaya) Chanpersan

(Mr. Balvinder Singh) Member (Technical)