Bhushan Power And Steel Limited v. Rail Track India Pvt Ltd & ORS.

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IN THE HIGH COURT OF DELHI AT NEW DELHI

+ LPA 492/2024 & CM APPL. 35168/2024 UNION OF INDIA AND ANR .....Appellant Through:

Ms. Naina Jacob, Mr. Aditya Sikha, Ms. Onshi and Ms. Komal Vats, Advocates with Mr.

Sanjay Bose (Director, SFIO) and Ms.Swasti (Addl. Director, SFIO) versus RAIL TRACK INDIA PVT LTD .....Respondent Through:

Mr. P. Chidambaram, Sr. Advocate alongwith Mr. Sudhir K. Makkar, Sr.

Advocate, Mr.

Akhil Sibal, Ms.

Ranjana Roy Gawai, Ms. Vasudha Sun, Mr.

Vineet Wadhwa, Ms.

Megha and Ms. K. Hema, Advocates for R-1.

Mr. Rakesh Kumar, CGSC with Mr.

Sunil, Advocate for UOI.

(9) + LPA 493/2024 & CM APPL. 35187/2024 BHUSHAN POWER AND STEEL LIMITED .....Appellant Through:

Mr. Sandeep Sethi and Mr. Ramesh Singh, Senior Advocates with Ms.

Varuna Bhanrale, Mr. Ribhu Garg, Ms. Ananya Sinha and Ms. Riya Kumar, Advocates.

versus RAIL TRACK INDIA PVT LTD & ORS .....Respondents Through:

Mr. P. Chidambaram, Sr. Advocate alongwith Mr. Sudhir K. Makkar, Sr.

Advocate, Mr.

Akhil Sibal, Ms.

Ranjana Roy Gawai, Ms. Vasudha Sun, Mr.

Vineet Wadhwa, Ms.

Megha and Ms. K. Hema, Advocates for R-1.

The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

Mr. Rakesh Kumar, CGSC with Mr.

Sunil, Advocate for UOI.

CORAM:

HON'BLE THE ACTING CHIEF JUSTICE HON'BLE MR. JUSTICE TUSHAR RAO GEDELA

O R D E R

% 15.07.2024 1.

Present appeals have been filed challenging the order dated 31st May 2024 passed by learned Single Judge in W.P.(C) 8239/2024 whereby the disgorgement proceedings filed by the Union of India under Section 241(2) read with Sections 246 and 339 of the Companies Act, 2013 before the NCLT in CP 105/241/PB/2023 have been stayed and it has further been clarified that NCLT may continue with the proceedings already listed on 6th June 2024 so long as they are not in conflict with the impugned order. The appellants also pray for continuance of proceedings pending before the NCLT.

2.

After some arguments, learned counsel for the parties are in agreement that the impugned order be set aside and the interim applications pending before the learned Single Judge be disposed of with a direction that the orders passed by the NCLT shall be subject to further orders/directions to be passed by the learned Single Judge, while disposing of the writ petitions filed by the respondents finally.

3.

Accordingly, the present appeals and applications are disposed of in terms of the aforesaid consensual arrangement. It is clarified that NCLT is at liberty to proceed with the hearing of the petition pending before it. It is further clarified that the rights and contentions of the parties are left open, including the issue with regard to maintainability of LPA 493/2024. The The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

parties are also given liberty to seek early hearing of the writ petition pending before the learned Single Judge.

ACTING CHIEF JUSTICE TUSHAR RAO GEDELA, J JULY 15, 2024 Aj The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.