The order for status quo can be seen as a victory for Sunil Goel, former Joint MD of the company, who had moved the NCLT against the sale of 25-acre project at Kokapet, Hyderabad.
The NCLT also ordered that the shareholding pattern of Eden Buildcon, the subsidiary of Omaxe that owned the property, should also be kept till the next hearing.
"The proposed sale of the Hyderabad property with significantly eroded value is needed to be looked into. Therefore, in the interest of justice, let there be status quo with regard to the property and no sale should take place or any encumbrance be created thereupon before the next date of hearing," the two-judge Bench said.
As per Sunil, younger brother of Rohtas Goel, Chairman and MD of Omaxe Group, during the initial public offering (IPO) in 2007, the Group had said the project would yield over Rs 1,800 crore.
But in 2019 the Omaxe Group sold the project to Darshita Landed Property and Others (Salarpuria Sattva Group, Bangalore) at a significantly eroded value, he said.
The said project was proposed to be sold at Rs 88.21 crore, the NCLT order said.
"This was done in a planned manner by Rohtas Goel and his team in connivance with Salarpuria Sattva Group and siphoned huge amount of funds in that process," said Sunil.
Sunil, the second largest promoter shareholder in the company, also said the "scam" was done without his or the family's information or consent. He was removed as the Joint Managing Director in September 2017 by Rohtas.
Sunil has also moved the NCLT, Chandigarh, regarding the acts of oppression and mismanagement against Omaxe as well as Guild Builders, the holding company of Omaxe.
The NCLT had directed Guild Builders not to further pledge any Omaxe shares towards any financial facilities to Omaxe or its group companies.
The financial state of Omaxe is not stable and shares have declined sharply in the recent past, with a nearly 20 per cent slump in share prices on December 6. On Thursday, its shares on the BSE ended flat at Rs 153.25.
( With inputs from IANS )