In N. Devendra Kumar Gupta v. Picnic Park Hotels (P.) Ltd. (2008) 142 Comp Cas 253 (CLB)
A petition for oppression and mismanagement under section 397/398 of the Companies Act was filed with the Company Law Board (‘CLB’). The CLB, however, by an order stayed the proceedings till the disposal of the civil suit pending between the parties. Later on, the petitioner filed instant application to recall the impugned order on several grounds.
As the order in question having become final, only remedy open to petitioner was to prefer an appeal under section 10F of the Companies Act, 1956 which had reportedly been filed before High Court and therefore, petitioner could not seek to recall impugned order.
It was held that the prayer for recalling the common order did not survive and, accordingly, stood rejected.