JUDGEMENT
M. S. Ramachandra Rao,J. -
(1.)In this Writ Petition, the petitioners challenged the order dt.13-02-2020 passed by the National Company Law Board, Hyderabad Bench in CP (IB) No.454/7/HDB/2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short 'the Code) r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for short 'the Rules).
(2.)Pursuant to the said order, the NCLT had admitted the above Company Application in the matter of M/s.Aayusiddhi Life Sciences Private Limited (2nd respondent) and ordered commencement of the Corporate Insolvency Resolution Process by appointing an Insolvency Resolution Professional (IRP) proposed by the Financial Creditor of the Company. It directed the IRP to take charge of the said Company's Management immediately and declared moratorium under Section 14 of the Code.
(3.)It is the contention of the Writ Petitioners, who claim to be holding 63% of the majority shares of 2nd respondent Company, that the said order passed by the NCLT is legally unsustainable. They made allegations against respondent Nos.4 to 7, who had filed the application before the NCLT requiring the said Tribunal to exercise powers under Section 7 of the Act. They also placed reliance on the decision of the Supreme Court in Babulal Vardharji Gurjar Vs. Veer Gurjar Aluminium Industries Private Limited,2020SCCOnLineSC 647.
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