CLB allows a sugar co. to avail soft loan facility for Rs. 17 lakhs offered by Central Govt., without obtaining special resolution as mandated u/s 180 of Companies Act 2013; Notes that the co. was a family co. and there were two groups having deep rooted differences, respondent shareholders group which did not even give personal guarantees for loans, unlike petitioner group that managed the co.; Holds that, “company could not be put to any restriction when the petitioner was managing it prudently bringing in profits to the company, especially when many of Sugar Mills had become NPAs for not being in a position to service the debts.”; Further notes that even before enforcement of 2013 Act, respondent co. was availing such loan facilities by passing ordinary resolution as required u/s 293 of Cos Act, 1956, observes that it was only due to background litigation between respondent and petitioner group that respondents were taking Sec 180 support to defeat the special resolution condition; Relies on SC ruling in Cosmosteels Pvt. Ltd. v. Jairam Oas Gupta and Calcutta HC ruling in Pramod Kumar Mittal v. Andhra Steel Corporation Ltd. and Ors. to hold that “it had ample jurisdiction to pass orders when such order was just and equitable to protect the interest of the company, public interest..” :New Delhi CLB
The order was passed by B.S.V Prakash Kumar, Judicial Member, CL
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