Greenfield Residents Welfare Association vs Union of India & Ors

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2024 Supreme(Del) 715

DHARMESH SHARMA
Greenfield Residents Welfare Association – Appellant
Versus
Union of India & Ors – Respondent

Advocates appeared:
Mr. Arun Srivastava, Adv., for the Petitioner.
Mr. Rakesh Kumar, CGSC with Mr. Sunil and Mr. Satyanand Kumar, Advs., for the UOI/Respondent-1.
Mr. Anshuman Mehrotra and Mr. Sunny Khandelwal, Advs. FOR Intervenor RWA/Awasiye Sudhar Mandal
Mr. Rohit Gandhi, Mr. Hargun Singh Kalra and Mr. Surrender Sheoran, Advs., for the Applicant CA No. 678/2022.
Mr. D.S. Chauhan, Ms. Ruchi Singh, Mr. Prashant Kumar, Mr. Shiker Badial and Mr. Sanbtosh Kumar Baitha, Advs. Mr. Shekhar Raj Sharma, Dy. AG Haryana and Ms. Akshaya Jebakumar, Adv., for the MCF and DTCP
Mr. Pradeep Aggarwal, Mr. Arjun Aggarwal and Mr. Bhaskar Aditya, Advs., for the Appellant.
Mr. Rakesh Kumar, CGSC with Mr. Sunil, Adv. for UOI Mr. Arun Srivastava, Adv. for R-4
Mr. D.S. Chauhan and Ms. Ruchi Singh, Advs., for the Respondents.
Mr. Saurabh Kirpal, Sr. Adv. with Mr. Dushyant Manocha, Ms. Anannya Ghosh, Ms. Chitra Vats, Mr. Brian Henry Moses, Ms. Mrinalini Mishra, Ms. Doel Bose, Ms. Mrinalini and Ms. Kashish Cahhabra, Advs., for the Appellants.
Mr. Rakesh Kumar, CGSC with Mr. Sunil, Adv. for UOI/R-1
Mr. Pradeep Aggarwal, Mr. Arjun Aggarwal and Mr. Bhaskar Aditya, Advs. for R-6
Mr. Arun Srivastava, Adv. for R-7
Mr. D.S. Chauhan and Ms. Ruchi Singh, Advs., for the Respondents.

ORDER

CO.A(SB) 79/2011; CO.A(SB) 36/2011 & CO.A(SB) 37/2011

1. This batch of appeals have been preferred by the aforesaid appellants on various grounds, that would be discussed hereinafter, under Section 10F of the Companies Act, 1956, assailing the impugned order dated 24.05.2011, passed by the Company Law Board [CLB], whereby the petition bearing CP No. 50(ND)/2006 was disposed of along with applications being CA No. 23/2009, CA No. 55/2009 and CA No. 105/2009.

FACTUAL BACKGROUND:

2. The facts giving rise to the instant appeals are that M/s. Urban Improvement Company Pvt. Ltd. (hereinafter =the Company` as also `UICPL`) was incorporated to do business in real estate with the primary obligation of development of land at Faridabad, State of Haryana, whereat a large chunk of land was bought and plots were allotted to different plot-holders at the rate of Rs. 12 per sq.yd, including development charges and the said colony was named `Greenfields Colony' in Sector 41-43, Faridabad and the project encompassed land measuring 438 acres. In the background of certain allegations of large-scale financial irregularities by the promoters/directors coming to the fore in the year 1976, a Show Cause

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2024 Supreme(Del) 715

DHARMESH SHARMAGreenfield Residents Welfare Association – AppellantVersusUnion of India & Ors – Respondent

DHARMESH SHARMA
Greenfield Residents Welfare Association – Appellant
Versus
Union of India & Ors – Respondent