NATIONAL COMPANY LAW TRIBUNAL

COURT-V, MUMBAI BENCH

MENTIONING MATTER
CP 1295/MB/2020
CORAM:

SH. CHANDRA BHAN SINGH, SMT. SUCHITRA KANUPARTHI,

MEMBER (T) MEMBER (J)

ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THE NATIONAL COMPANY

LAW TRIBUNAL ON 05.03.2021.

NAME OF THE PARTIES: MILAN DAVE

V/s.
PADECO INDIA PVT. LTD. & ORS

SECTION: 241 – 242 of Companies Act, 2013

ORDER

1. The matter has been taken up upon mentioning by the Learned Counsel Mr.
Prateek Seksaria of the Applicant/Petitioner. He mentioned that a praecipe in this
regards has been sent to the Bench by Respondent No. 2, 3 and 4 wherein it has
been mentioned that on the previous date of hearing i.e. on 12.02.2021, this
Bench with the mutual consent of both the parties, agreed to appoint M/s. Deloitte
India Valuation LLP as valuer of the M/s. Padeco India Private Limited and has
also directed that the valuation be completed within 6 weeks time from the date
of passing of order. The Counsel for the Applicant mentions that though the
praecipe has been sent by the Respondent but they are not represented today
before the Bench.
2. Through the praecipe of the Respondents, it has been brought before Bench that
M/s. Deloitte India Valuation LLP vide its Email dated 03.11.2021 has informed
Respondent that they are unable to accept the mandate.
3. In the praecipe the Respondent at para 5 have mentioned the following:
“In view of the above, the Hon’ble NCLT be pleased to appoint another registered
valuer instead of M/s. Deloitte India Valuation LLP to carry out the valuation
process. The next date of hearing is 25 March 2021 to report success of valuation,
hence the urgency.”
4. Keeping in view that both the Petitioner/Applicant and the Respondents have
agreed that the Bench may appoint another registered valuer in place of M/s.
Deloitte India Valuation LLP. The Bench appoints M/s. RBSA Advisor (IBBI No.
IBBI/RV-E/05/2019/110) as the valuer of the Respondent No. 1 Company M/s.
Padeco India Pvt. Ltd with a direction that the valuation be completed within 6
weeks time from the date of the order. This Bench further directs that all other
contents of the order dated 12.02.2021 be strictly complied with as it is a mutually
agreed order between the two sides.
5. The Counsel for the Petitioner mentions before the Bench that Respondent side
have not followed the order dated 12.02.2021 of the Bench and therefore, they
have filed an IA with Diary No. 270913801147 of 2020. The Bench directs that a
copy of the IA be served to the other side and also directs the Registry to allot an
IA Number immediately.
6. List this matter on 12.03.2021 for further hearing.

Sd/- sd/-
CHANDRA BHAN SINGH SUCHITRA KANUPARTHI
Member (Technical) Member (Judicial)
Date : 11.02.2021

/n/