# In the matter of Dream the Mall Company Ltd. MA No. 2764 of 2019, ,CA No. 688 & 1069 of 2020 in CP No. 265-MB-2017

> NCLT judgment dated 2021-05-19. Citation: TCN-2021-NCLT-02121. The case involves a company petition filed by 138 shareholders of Dreams the Mall Company Ltd,…

- **Court:** NCLT
- **Order date:** 19 May 2021
- **Citation:** TCN-2021-NCLT-02121
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dream-the-mall-company-ltd-ma-no-2764-of-2019-ca-no-688-1069-of-2020-in-cp-no-26-b47605eb

## Summary

### Background

The case involves a company petition filed by 138 shareholders of Dreams the Mall Company Ltd, alleging oppression and mismanagement. The petitioners, who are mostly small shop owners in the mall, claim that the company has failed to maintain the mall properly, leading to a decline in business and posing safety concerns. An administrator was appointed to manage the mall's common areas, but faced non-cooperation from various parties, including the company's management, major shop owners, and public authorities. The administrator sought various directions from the NCLT to effectively manage the mall and recover outstanding dues.

## Facts

Dreams the Mall Company Ltd. was incorporated on 2013-05-10 under the Companies Act, 1956. The company was formed by R2, R3, R5, and R7 to R10. The authorized and issued share capital of the Company was ₹. 50,00,000 divided into 5,00,000 equity shares of ₹. 10 each. The paid-up share capital of the Company is ₹.47,77,350/- divided into 4,77,735 equity shares of ₹. 10/- each. R2, R3 and R4 were the first Directors of the Company. The Company Petitioners are 138 of the 993 shareholders of R1 Company. The Company allotted shares to the owners of the shops in the Mall namely 'Dreams The Mall' and to some others. Between them the Petitioners jointly hold 27,519 shares of the Company. The object of incorporation of the Company was to carry on and manage the affairs of the

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## Issues and analysis

### Issue 1: Whether the Company Petition is maintainable under Section 244 of the Companies Act, 2013, …

**Ratio:** Section 244 of the Companies Act, 2013, specifies the eligibility criteria for members of

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**Reasoning:** The NCLT considered the objections raised by the respondents regarding the validity of

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**Interpretation:** The court interpreted Section 244(2) of the Companies Act, 2013, to mean that

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**Application:** The court applied the ratio to the facts of the case, holding that the

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Fiba Shipping…
- **Respondents:** Dreams the Mall…

## Timeline

- **2013-05-10 — Company Incor…**: Dreams the Mall Company Ltd. was…
- **2014-11-28 — First AG…**: The first Annual General Meeting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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