JUDGMENT :

A.I.S. Cheema, J.

1. The Appellants (original Petitioners) filed Company Petition No.219(ND)/2017 before the National Company Law Tribunal (in short, “NCLT”), New Delhi on 24.08.2017. The Company Petition has been filed complaining of oppression and mismanagement in Respondent No.1 Company, on the part of Respondents 2 to 4. The Appellants 2 to 4 are part of the family of Appellant No.1 -Deepak Beri (hereafter referred as “Appellant”). The Appellant group has 30.60% shareholding in the Respondent No.1 Company -D B Engineering Private Limited which was incorporated on 31.12.1986. Respondent No.2 – Atul Beri, who is brother of the Appellant, has 30.60 % shareholding. Respondent No.3 – S.K. Beri is (the father of Appellant and Respondent No.2) having 33.22% shareholding while Respondent No.4 – Ms. Ramesh is wife of S.K. Beri and has 5.50% shareholding. It appears that Respondent Nos. 2 and 4 have been Directors of Respondent No.1 Company (hereafter referred as “Company”) since 1986 and the Appellant became Director in 2002 while his father – Respondent No.3 – S.K. Beri became Director on 21.02.2015.

2. It appears that Respondent No.5 -Banaras Marbles and Granites Limited, incorporated in 1992 was acquired in September, 2014 and the Appellant and Respondents 2 and 3 became Directors in the said Company.

3. The Appellant claims that he set up “D B Engineering Private Limited” and “Atlas Knives” as Limited Liabilities Partnership (LLP).

4. According to the Appellants, somewhere in 2014 disputes arose between the Appellant and Respondent No.2 with regard to business, business assets and family properties, jointly owned and controlled by them which includes the Respondent Company. The other entities jointly owned and controlled by the parties are S.K. Beri and Brothers (SKB), D.B. Engineering Company (DBC) and Banaras Marbles and Granites Limited (Banaras). According to Appellants, there were discussions regarding dividing the business and assets. To sort out differences between the brothers, Respondent No.3 – S.K. Beri, the father was taken as Director on 21.02.2015 in the Company but the same did not help. On 20th January, 2016, the Appellant and Respondent No.2 entered into agreement to refer disputes to Arbitration (Annexure A2 – Page 79). They agreed on Mr. Manoj Nagrath, a CA to be the Arbitrator. Thereafter on 17th February, 2016, after detailed negotiations, it is claimed that the Appellant and Respondents 2 and 3 arrived at Memorandum of Understanding (Annexure A3 – Page 81). On 14th March, 2016, Respondent No.3 and the Arbitrator – Manoj Nagrath had meeting and document (Annexure A4 –Page 90) titled as “Regarding settlement between Deepak & Atul Beri” was executed and signed by them. Later, on 30th April, 2016, it is stated that Deed of Arrangement (Annexure A5 – Page 93) was executed for final division of business and assets between the parties which was signed by the Appellant and Respondents 2 and 3.

5. It appears that the Arbitrator passed Award on 2nd August, 2016 (filed with Diary No.5321), directing division of business and assets of the family businesses, including the Respondent Company.

6. The Appellant claims that after the award was passed, he filed OMP(I) 326/2016 (Annexure A6 – Page 101) under Section 9 of the Arbitration and Conciliation Act, 1996 (“Arbitration Act”, in short), against Respondent No.2 – Atul Beri seeking to restrain him from acting in derogation of the Memorandum of Understanding, Deed of Arrangement and the Award. Inter alia, the Appellant claimed in the OMP (I) 326 of 2016 that Respondent – Atul Beri should provide the Appellant access to books of accounts, ERP System, bank accounts, stock registers and access to manufacturing Unit No.64 at Noida. In the OMP, he also prayed for appointment of a receiver to take charge of the books of accounts, operations of bank accounts, stock registers, etc. belonging to Respondent Company D B Engineering Pvt. Ltd. as well as other entities of the fami