The Mumbai bench of the NCLT, on a plea by the Government of India, had attached and frozen moveable and immoveable properties, including bank accounts, lockers and demat accounts, including the jointly held properties, of Arvind Bali and Satpal Bansal, the former CEO and CFO of the bankrupt company.
Bali and Bansal had moved the NCLAT alleging that the NCLT order was illegal as it did not provide them a hearing. The order has affected their livelihood and brought their families into a “penury position”, they had said.The National Company Law Appellate Tribunal (NCLAT) on Thursday asked the Mumbai bench of the National Company Law Tribunal (NCLT) to pass a fresh order after “providing opportunity for hearing” to two senior executives of Videocon Telecommunications whose assets were attached through an order of August 31.
The Mumbai bench of the NCLT, on a plea by the Government of India, had attached and frozen moveable and immoveable properties, including bank accounts, lockers and demat accounts, including the jointly held properties, of Arvind Bali and Satpal Bansal, the former CEO and CFO of the bankrupt company.
Bali and Bansal had moved the NCLAT alleging that the NCLT order was illegal as it did not provide them a hearing. The order has affected their livelihood and brought their families into a “penury position”, they had said.
The two-member NCLAT bench, headed by acting chairperson justice M Venugopal, on Thursday directed the NCLT to pass necessary fresh orders in a fair, just, dispassionate manner on merits, within a period of five weeks from the date of receipt of the order. It said this should be done “of course, in the manner known to law and in accordance with law, uninfluenced and untrammelled with any of the observations made by this tribunal (NCLAT) in this appeal”.
“It is made crystalline clear that the impugned order dated 31.08.2021 of the NCLT, Mumbai bench in so far as the appellants are concerned, it is subject to the fresh determination which the ‘tribunal’ will arrive at after taking into account of the pleadings/ reply/ response/ counter of the appellants,” the bench said in its 40-page order.
“Liberty is granted to the respective parties to raise all factual and legal pleas in the subject matter in issue before the ‘tribunal’. Before parting with the case, this ‘Tribunal’ makes a pertinent mention that it has not delved in deep and also not expressed any opinion on the merits of the matter,” it said.
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