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2025 Supreme(Online)(NCLT) 4328
NATIONAL COMPANY LAW TRIBUNAL
ANIL RAJ CHELLAN, MEMBER (TECHNICAL), K. R. SAJI KUMAR, MEMBER (JUDICIAL)
Union of India Through SFIO – Appellant
Versus
Belgium Aluminium & Glass Industries private Limited – Respondent
COMP.APPL/323(MB)2024 | COMP.APPL/343(MB)2024 | CP/01(MB)2023
For the Appellants/Petitioners: Adv. M. S. Bhardwaj, Ms. Reeta Assistant Director (SFIO)
For the Respondents: Adv. M. S. Bhardwaj, Ms. Reeta Assistant Director (SFIO), Adv. Shwetaank Nigam, Adv. Ashish Pyasi, Adv. Anjali Shahi, i/b Aendri Legal
Tribunal can unfreeze assets lacking transactional evidence tied to ongoing investigations.
Headnote:(A) Companies Act, 2013 - Sections 241(2), 246, and 339 - Request for unfreezing bank accounts due to lack of transactions tied to a frozen investigation - Court ruled unfreezing is warranted based on no transactions related to the implicated entities. (Paras 1-6)
(B) Tribunal powers - The Tribunal has discretion to unfreeze accounts where no evidence substantiates the freezing order. (Para 4)
Facts of the case:
The application is regarding the freezing of bank accounts of a joint venture partnership due to proceedings against a partner company.
Findings of Court:
The Tribunal determined that the bank accounts have not shown transactions related to the inquiry, thus ordering their unfreezing.
Issues: Whether the freezing of accounts was justified given the lack of transactional ties.
Ratio Decidendi: The Tribunal exercised its authority to unfreeze bank accounts to facilitate the Applicant's operations, asserting that a lack of evidence in the ongoing inquiry necessitates such action.
Result: Company Application allowed and disposed of.
NATIONAL COMPANY LAW TRIBUNAL,
MUMBAI BENCH COURT IV
Item No. 36
COMP.APPL/ 323(MB)2024 COMP.APPL /343(MB)2024 IN
CP/01(MB)2023
CORAM:
SHRI ANIL RAJ CHELLAN SHRI K. R. SAJI KUMAR
HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)
ORDER SHEET OF HEARING (HYBRID) DATED 24.06.2025
NAME OF THE PARTIES: Union of India Through SFIO
Vs
Belgium Aluminium & Glass
Industries private Limited
For Petitioner: Adv. M. S. Bhardwaj & Ms. Reeta Assistant Director (SFIO)
For Applicant IN
COMP.APPL/ 323(MB)2024: Adv Shwetaank k Nigam
COMP.APPL /343(MB)2024: Adv. Ashish Pyasi a/w Adv Anjali Shahi i/b
Aendri Legal
For Respondent IN
COMP.APPL/ 323(MB)2024 & COMP.APPL /343(MB)2024: Adv. M. S.
Bhardwaj & Ms. Reeta Assistant Director (SFIO)
Sections 241(2), 246 & 339 of the Companies Act r/w Rule 11 of NCLT
Rules
_________________________________________________________________________
ORDER
COMP.APPL/ 323(MB)2024
1. The present application has been filed by the Applicant against the act
of Respondent-1/Bank to freeze the bank accounts bearing Nos.
054405008863 and 054405008892 (said Bank Accounts).
2. The Applicant is a joint venture formed between HCC Ltd. (HCC) and
Alfara’s Infraprojects Pvt. Ltd. (AIPL) under a Joint Venture Agreement dated May 2018. The bank accounts of the Applicant were jointly
operated by the Representative of HCC and AIPL. One of the members of the Applicant, being AIPL, was ordered to undergo liquidation under Section 33 of the IBC vide order dated 18.07.2022. One Mr. Praful Renuse was appointed as the Liquidator of the AIPL. Subsequently, Mr. Praful Renuse was replaced with Mr. Sanjaykumar Mishra as the Liquidator of the AIPL. While the authorised signatories of the bank were getting updated, ICICI Bank, the Respondent-1, vide e-mail dated 30.12.2023, informed the Applicant regarding the freezing of the said Bank Accounts pursuant to an order of this Tribunal dated 29.03.2023.
3. It came to the notice of the Applicant that certain proceedings were initiated by Respondent No.2, SFIO, against M/s. Belgium Aluminium & Glass Industries Pvt. Ltd. (BAGIPL), wherein the Tribunal vide order dated 29.03.2023 directed that the bank accounts of the Promotors and Directors of BAGIPL be frozen. It is also informed that before the commencement of the CIRP of AIPL, Mr. Nitesh Gangaramani, one of the Promotors of BAGIPL, was one of the common signatories in the AIPL, BAGIPL, and the Applicant. Further, PAN of Mr. Nitesh Gangaramani was linked to the said Bank Accounts held in the name of the Applicant.
4. Respondent-2 (SFIO) filed an affidavit in reply dated 18.06.2025 stating that Respondent-2 vide CP-01/2023 initiated proceedings under Section 241(2) r/w Section 246 and 339 of the Companies Act, 2013 against BAGIPL and its Promoters and Directors. In the aforesaid proceedings, this Tribunal passed an order dated 29.03.2023 ordering inter alia that all movable and immovable properties of the Respondents therein, including the bank accounts, shall stand attached and accordingly, Respondent-1 has frozen the bank account of the Applicant company.
5. Respondent No.2 further submits that the investigation into the affairs of the BAGIPL is now complete, and an investigation report dated 31.07.2024 in terms of Section 212(12) of the Companies Act, 2013 was submitted to MCA. Furthermore, the investigation revealed that there are no transactions with BAGIPL, Nitesh Gangaramani, or other Promoters of BAGIPL in the frozen Bank Accounts of the Applicant company.
6. Considering the reply affidavit filed by the Respondent-2, and in accordance with the order that allows those affected by the decision to approach the Tribunal, we direct Respondent-1 to immediately unfreeze the said Bank Accounts held in the Applicant’s name.
7. Accordingly, this Company Application (CA-323/2024) stands allowed and disposed of.
COMP.APPL /343(MB)2024 Counsel for the Applicant submits that he wishes to file rejoinder to the reply.
List this matter on 24.07.2025.
Sd/- Sd/-
ANIL RAJ CHELLAN K. R. SAJI KUMAR M
