Kumar v Sharma & Ors [2022] EWHC 612 (Ch) (18 March 2022)

Kumar v Sharma & Ors [2022] EWHC 612 (Ch) (18 March 2022)

The freezing order is continued as Mr Kumar has a good arguable case for relief in the unfair prejudice petition, there is a real risk of asset dissipation, and the duty of fair presentation was breached only at the least serious end of the spectrum, not warranting discharge. The quantum is reduced to £35,000.

Citation
[2022] EWHC 612 (Ch)
Parties
Petitioner: Mr Rakesh Kumar; First Respondent: Mr Nitin Sharma; Second Respondent: Mrs Rashmi Sharma; Third Respondent: Saka Maka 2 Ltd
Jurisdiction
England and Wales
Judgment Date
18 March 2022
Procedural Posture
Freezing Order Application in Unfair Prejudice Petition / Return Date Hearing on Continuation of Freezing Order
Outcome
Freezing order continued with reduced quantum
Legal Topics
Freezing Injunctions, Unfair Prejudice, Shareholder Disputes, Duty of Full and Frank Disclosure
Company Law Insolvency Civil Procedure Freezing Injunctions Unfair Prejudice Shareholder Disputes Duty of Full and Frank Disclosure

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Parties

Mr Rakesh Kumar

Petitioner

Mr Nitin Sharma

First Respondent

Mrs Rashmi Sharma

Second Respondent

Saka Maka 2 Ltd

Third Respondent

Procedural Posture

Freezing Order Application in Unfair Prejudice Petition / Return Date Hearing on Continuation of Freezing Order

Legal Issues

  1. 1 Whether the freezing order should be continued and at what quantum
  2. 2 Whether the applicant has a good arguable case for relief in the unfair prejudice petition
  3. 3 Whether there is a real risk of dissipation of assets

Ratio Decidendi

The freezing order is continued as Mr Kumar has a good arguable case for relief in the unfair prejudice petition, there is a real risk of asset dissipation, and the duty of fair presentation was breached only at the least serious end of the spectrum, not warranting discharge. The quantum is reduced to £35,000.

Court Disposition

Freezing order continued with reduced quantum

Orders

  • Freezing order continued with maximum amount of £35,000
  • Mr Sharma to provide details of value of his interest in matrimonial home by affidavit