DCM Financial Services Ltd v. None

1. Present appeal has been filed challenging the order dated 23: The appeal has been heard by way of video conferencing. rd

2. Learned Counsel for the Appellant Company states the application is pending consideration since 6 September, 2021 passed by the learned Single Judge in Co.P. No.300/2005. Appellant seeks permission to withdraw Rs.4,00,000/- per month from August, 2021 till July, 2022 from its bank accounts for payment of past and present salaries of the employees and payment of other necessary dues to support the running of the company. th August, 2021 and the same is not being 2021:DHC:3664-DB CO APP. 10/2021 adjudicated due to the extremely heavy board of the learned Single Judge. He states that if the Appellant Company is not allowed to withdraw the said amount from the bank accounts, then One Man Committee which is disbursing monies to the creditors will not be able to function and the Scheme of Arrangements will be delayed. He states that the families of the employees are suffering for no fault of theirs and the company has defaulted on rent of the registered office for the past three months.

3. Issue notice. Ms. Sanya Panjwani, Advocate accepts notice on behalf of the respondent. She states that she has no objection to the present appeal being allowed.

4. Keeping in view the aforesaid consent as well as the fact that for the past six year, similar relief has been granted to the appellant, this Court permits the appellant to withdraw Rs. 4,00,000/- per month from August, 2021 till July, 2022 from its bank account strictly for the purposes of disbursal of salaries to employees and other necessary dues/expenses. The conditions accompanying such withdrawal, as stipulated by the learned Single Judge in its order dated 6th

5. With the aforesaid direction, the appeal and pending application stand disposed of. August, 2015, shall continue to apply during the said period. MANMOHAN, J NAVIN CHAWLA, J NOVEMBER 15, 2021 TS