HARMANDER SINGH SRAN Vs M/S HBN DAIRIES AND ALLIED LIMITED & ORS

Last updated: 05 December 2020

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Quick Summary

This case involves an ex-director of HBN Dairies and Allied Limited, a company currently undergoing insolvency proceedings. The director's residence is facing attachment and possession by the Liquidator. A hearing for the director's application before the NCLT is delayed due to a vacant Presiding Officer position. Previous proceedings involved SEBI attaching substantial securities from the company.

Court :
High Court Delhi

Brief :
The present petition has been filed by the Petitioner, who is an ex/suspended Director of Respondent No. 1 Company i.e. M/s. HBN Dairies and Allied Limited (hereinafter “Company”), which is currently under insolvency proceedings before the National Company Law Tribunal (NCLT). The submission of the ld. Counsel is that the Petitioner’s residence is sought to be attached and possession is sought to be taken by the Liquidator. An application has been moved by the Petitioner before the NCLT and the same is not being taken up for hearing due to the term of the Presiding Officer having ended and no new Presiding Officer has been appointed.

Citation :
W.P.(C) 7891/2020 and CM APPLs. 25865/2020, 25866/2020

IN THE HIGH COURT OF DELHI AT NEW DELHI
Date of decision: 16th October, 2020

W.P.(C) 7891/2020 and CM APPLs. 25865/2020, 25866/2020

HARMANDER SINGH SRAN ..... Petitioner
Through: Mr. Damanbir Singh Sobti, Advocate.

versus

M/S HBN DAIRIES AND ALLIED LIMITED &
ORS. ..... Respondents
Through: Mr. Vivek Goyal, CGSC for R-3.

CORAM:
JUSTICE PRATHIBA M. SINGH

Prathiba M. Singh, J.(Oral)

1. This hearing has been held through video conferencing.

2. The present petition has been filed by the Petitioner, who is an ex/suspended Director of Respondent No. 1 Company i.e. M/s. HBN Dairies and Allied Limited (hereinafter “Company”), which is currently under insolvency proceedings before the National Company Law Tribunal (NCLT). The submission of the ld. Counsel is that the Petitioner’s residence is sought to be attached and possession is sought to be taken by the Liquidator. An application has been moved by the Petitioner before the NCLT and the same is not being taken up for hearing due to the term of the Presiding Officer having ended and no new Presiding Officer has been appointed.

3. A perusal of the record shows that earlier, there have been proceedings, which were initiated by the Securities Exchange Board of India (SEBI) against the Company. The SEBI Appellate Tribunal had directed valuation and sale of certain properties of the Company, vide its order dated 28th June, 2017. Thereafter, SEBI is stated to have attached securities of around Rs.1300 crores from Respondent No.1. The recovery proceedings by SEBI are pending.

To know more in details find the attachment file

FAQ :

The petitioner is Harmander Singh Sran, an ex/suspended Director of M/s. HBN Dairies and Allied Limited.

The petitioner's residence is being sought for attachment and possession by the Liquidator of the company.

The application before the NCLT is not being heard because the term of the Presiding Officer has ended, and no new one has been appointed.

SEBI had previously initiated proceedings against the company, leading to the attachment of securities worth around Rs. 1300 crores from Respondent No. 1.

Attached File : 40_2787_pms16102020cw78912020_215413.pdf

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