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2020 (1) TMI 1228 - SCH - Companies LawInterim order passed by the NCLT which has been dealt with by the NCLAT in the impugned order - HELD THAT - As the application under Section 8 of the Arbitration and Conciliation Act, 1996 is pending before the NCLT, we request the NCLT to decide the same finally, as agreed to by the learned counsel for the parties, within a period of ten days. Interim order passed by this Court on 17.12.2019 shall continue to operate for a period of ten days from today.
Issues:
Interim order passed by NCLT, appeal outcome, pending application under Section 8 of the Arbitration and Conciliation Act, 1996. Interim Order by NCLT: The Supreme Court heard the appeal arising from an interim order issued by the National Company Law Tribunal (NCLT), which was reviewed by the National Company Law Appellate Tribunal (NCLAT). The Court directed the NCLT to conclusively decide the application under Section 8 of the Arbitration and Conciliation Act, 1996, within ten days, as agreed upon by both parties. The interim order from the Supreme Court dated 17.12.2019 was extended to remain in effect for ten days from the current date. Appeal Outcome: The Court noted that no further orders were necessary at the moment. However, it allowed the parties to seek legal recourse if any new orders were issued. The appeal was disposed of, bringing an end to the current proceedings. Any pending applications were also deemed disposed of by the Court. Pending Application under Section 8: The primary issue revolved around the pending application under Section 8 of the Arbitration and Conciliation Act, 1996, before the NCLT. The Court emphasized the importance of the NCLT reaching a final decision on this matter promptly, within the stipulated ten-day period. This decision was crucial for the resolution of the dispute between the parties and the subsequent legal actions they might undertake.
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