Satinder Singh Bhasin Erstwhile Director of Bhasin Infotech And Infrastructure Pvt Ltd Vs Col Gautam Mullick & Ors (NCLAT Delhi)
The National Company Law Appellate Tribunal (NCLAT), Delhi, dismissed an application filed under Rule 11 of the NCLAT Rules by Satinder Singh Bhasin, an erstwhile director of Bhasin Infotech And Infrastructure Pvt Ltd. The appellant sought permission to deposit ₹15.62 crore after the main appeal had been fully heard and reserved for judgment. The deposit was intended to demonstrate bona fides and secure a stay on the final order pronouncement.
The NCLAT held that once a matter is reserved for judgment, the rights and privileges of the parties to file new applications are forfeited. Citing judicial precedents, including Arjun Singh Vs Mohindra Kumar (1963) and Rajesh Dua Vs Rajiv Goyal (2024), the Tribunal affirmed there is no legal hiatus between the date of reservation and the date of pronouncement. The court emphasized that the stage for such submissions had passed. Consequently, the application was found to be without merit and was dismissed.
FULL TEXT OF THE NCLAT JUDGMENT/ORDER
This application is moved by the appellant under Rule 11 of the NCLAT Rules, 2016 seeking permission to deposit a sum of Rs.15,62,00,000/-within a period of four weeks to demonstrate his bona fide that there is no default and consequently grant stay of pronouncement of final order in the present matter and the connected appeal being Company Appeal (AT) (Ins)NO.1593 of 2023.
