2020 (12) TMI 1294 - SCH - Insolvency and Bankruptcy

Seeking early disposal of appeal - HELD THAT - Since the NCLT is seized of the proceedings and is to shortly take up the applications for interim relief, we are not entertaining the present civil appeal. It has been agreed by the contesting parties who are represented by Mr Shyam Divan, Dr Abhishek Manu Singhvi, Mr. Mukul Rohatgi, Mr Darius Khambatta and Mr Navroj H Seervai, learned senior counsel that the parties shall proceed with the applications for interim relief before the NCLT so as to bring early closure to this aspect of the case. The NCLT is requested to endeavour an expeditious disposal of the interim applications, preferably within a period of eight weeks. Appeal disposed off.

Summary

Issues:
1. Interim applications to be heard before the National Company Law Tribunal.
2. Entertaining the civil appeal in light of pending proceedings before the NCLT.
3. Disposal of the Civil Appeal and pending applications.

Analysis:
1. The Supreme Court directed that the interim applications related to the case are to be heard before the National Company Law Tribunal (NCLT) on 8 December 2020. The Court noted that Application No 1064 of 2020 was filed by the original petitioners, while Application No 1008 of 2020 was filed by the original respondent Nos 2, 3, and 4. This decision was made to facilitate an efficient resolution of the matter at hand.

2. The Court decided not to entertain the present civil appeal due to the NCLT being actively involved in the proceedings and set to address the applications for interim relief. The parties involved, represented by senior counsels, unanimously agreed to focus on the applications for interim relief before the NCLT to expedite the resolution process. The Court emphasized the importance of the NCLT's expeditious disposal of the interim applications within a timeframe of eight weeks to bring a swift conclusion to this aspect of the case.

3. Consequently, the Civil Appeal was disposed of by the Supreme Court. Additionally, any pending applications were also deemed disposed of by the Court. This decision signifies the Court's commitment to streamlining the legal process and ensuring timely resolution of the issues at hand, thereby promoting efficiency and effective judicial management.