Rishim~ SA Investments LLC {Mauritius) vs SARGA HOTEL PRIVATE LIMITED & ORS

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2024 Supreme(Online)(NCLAT) 648

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Justice Ashok Bhushan (Chairperson) , Hon'ble Mr. Barun Mitra (Member (Technical)) ,
Rishim~ SA Investments LLC {Mauritius) – Appellant
Versus
SARGA HOTEL PRIVATE LIMITED & ORS – Respondent

Ms. Malvika Trivedi, Sr. Advocate with Ms. Bani Dikshit, Mr. Uddhav Khanna, Mr. Shalendra Slania, Ms. Sujal Gupta, Advocates; Mr. Ramji Srinivasan, Sr. Advocate with Ms. Pooja Mahajan, Ms. Mahima Singh, Ms. Shreya Mahalwan, Ms. Shruti Pandey, Ms. Namrata Sarogani, Mr. Kartik Pandey, Advocates for R-1 (RP); Dr. Abhishek Manu Singhvi, Sr. Advocate with Mr. Raunak Dhillon, Ms. Madhavi Khanna, Mr. Nihaad Dewan, Advocates for R-3; Mr. Joy Saha, Sr. Advocate with Mr. Sidhartha Sharma, Mr. Arjun Asthana, Ms. Shalini Basu, Advocates for SRA.

JUDGEMENT

ASHOK BHUSHAN, J. This Appeal by a creditor of the Corporate Debtor has been filed challenging the order dated 04.01.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Division Bench, Court No. II, Kolkata in IA (IB) No.1271/KB/2022 filed by the Appellant. By the impugned order the application filed by the Appellant IA (IB) No.1271/KB/2022 has been rejected. Aggrieved by which order this Appeal has been filed. Brief facts necessary to be noticed for deciding the appeal are:

(i) The Corporate Debtor – Sarga Hotel Pvt. Ltd. was established as a Special Purpose Vehicle in the year 2004. On 22.03.2007, West Bengal Housing Infrastructure Development Corporation Limited leased a land of 8 acres to Shristi Infrastructure Development Corporate Ltd. (ii) On 31.03.2007, Shristi Infrastructure Development Corporate Ltd. executed a lease deed for 3.5 acres of land to the Corporate Debtor. On 07.08.2008, a Share Subscription and Shareholders’ Agreement was executed between the Appellant – Rishima SA Investments LLC (Mauritius), Shristi Infrastructure Development Corporate Ltd. and the Corporate Debtor, wherein the Appellant and Shristi acquired 35% and 65% sha

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2024 Supreme(Online)(NCLAT) 648

NATIONAL COMPANY LAW APPELLATE TRIBUNALJustice Ashok Bhushan (Chairperson) , Hon'ble Mr. Barun Mitra (Member (Technical)) ,Rishim~ SA Investments LLC {Mauritius) – AppellantVersusSARGA HOTEL PRIVATE LIMITED & ORS – Respondent

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Justice Ashok Bhushan (Chairperson) , Hon'ble Mr. Barun Mitra (Member (Technical)) ,
Rishim~ SA Investments LLC {Mauritius) – Appellant
Versus
SARGA HOTEL PRIVATE LIMITED & ORS – Respondent