JUDGEMENT

JUSTICE YOGESH KHANNA, MEMBER (JUDICIAL)

1. The present appeal has been filed by the appellant against an order dated 10.03.2023 passed by the National Company Law Tribunal, Indore Bench in TP No.195/2019 in CP No.91/2019)

2. Before proceeding further let us note the facts as under: -

i) respondents No.1 and 2 (hereinafter referred to as “Respondents”), along with Appellant No.1 & 2 (hereinafter referred to as “Appellants”) with the objective to expand their business in the field of construction and infrastructure development on 06.05.2009 had founded Respondent No.3 company, i.e. M/s. Lakras Infrastructure Pvt. Ltd. (hereinafter referred to as the “Company”);

ii) both Parties had equal equity shareholding of 50% each. The registered address of the Company was situated at the residential address of the Appellants and thus most managerial work was under the control of the Appellants;

iii) respondent No. 3 company purchased a plot