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EP/02/KOB/2021
IN
TCP/21/KOB/2019
Page 1 of 7
IN THE NATIONAL COMPANY LAW TRIBUNAL
KOCHI BENCH, KERALA
EP/02/KOB/2021
IN
TCP/21/KOB/2019
Order delivered on:8th April, 2022
Coram:
Hon’ble Mr. Ashok Kumar Borah, Member (Judicial)
Hon’ble Mr. Anil Kumar. B, Member (Technical)
Justice (Rtd) K. Narayana Kurup,
Former Administrator for Bhagyodayam Company,
Residing at Pulleppady, Ernakulam,
Kochi, Kerala- 682 018. … Petitioner
In the matter of: -
Alexander Correya and Ors. … Petitioners
Versus
M/s. Bhagyodayam Company and Ors. … Respondents
Parties/Counsel present (through video conference)
ForPetitioner/Administrator … Shri. Philip Mathew, Advocate
Shri. Abhilash Nediyalil Abraham, PCS.
For Respondent Nos
27,28,30,31,33,34,36,
38 and 41.
… Shri. B. Ashok Shenoy,
Shri. Gireesh P.S.,
Shri. Raymond George Dias,
Shri Arjun R. Naik, Advocates.
ORDER
Per: Ashok Kumar Borah, Member (J)
EP/02/KOB/2021
IN
TCP/21/KOB/2019
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This EP/02/KOB/2021 has been filed under Section 424(3) of the Companies
Act 2013 read with Order XXI Rule 11 & 11A of Civil Procedure Code by the
former Administrator of M/s. Bhagyodayam Company against Mrs. Fibin
Francis & Ors. seeking the following reliefs: -
➢ By arrest and detention in prison of the Respondents: The Petitioner prays that
the total amount of Rs. 42,32,519/- together with 12% interest on the principal
sum from the date of filing the Execution Petition till the date of payment and the
costs of taking out this execution, be realised by arrest and detention in prison of
the Respondents and paid to the Petitioner/ Administrator.
➢ Steps for attachment and sale of movable and immovable properties of the
Respondents is to be dealt with later. As per records available with the office of
the Company, details regarding immovable and movable properties are not
traceable. Therefore, necessary steps are being taken to collect those details. On
receiving the said details, schedules of properties will be submitted for
attachment and sale. In order to avoid delay in execution, the application is filed
with a prayer for arrest and detention of the Respondents who are now liable to
make the good the loss suffered by the company because of their questionable
conduct as found by the NCLT in CP/29/2017 and later confirmed by the
Hon’ble NCLAT and the Hon’ble Supreme Court of India.
2. The brief facts of the case are as under: -
3. The Petitioner was appointed as Administrator of M/s. Bhagyodayam Company
Ltd. vide order dated 31.10.2018 of NCLT Chennai Bench. This Petition is filed
for recovering money illegally diversified from M/s. Bhagyodayam Company’s
accounts as directed in the order of the NCLT, Chennai Bench dated
28.08.2018 in CP 29 of 2017. Later CP/29/2017 was renumbered by this
Tribunal as TCP/21/KOB/2019. The NCLT Chennai Bench after hearing all
affected parties passed an order on 28.08.2018 holding that all the alleged
actions in the affairs of the Company are found to be taken in violation of
Court orders or in violation of the clauses of AOA and therefore, an
Administrator was appointed to manage the affairs of the Company with the
EP/02/KOB/2021
IN
TCP/21/KOB/2019
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specific mandate to examine as to whether the disbursement of the funds of
the company is in accordance with the AOA etc.
4. It is stated that since the present position of the Managing Director of the
Company is against the provisions of AOA, the appointment may be held as
invalid, and the action taken by the Managing Director, Mr. Paul Joseph is
invalid and fraudule
