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2021 (10) TMI 1292 - SC - Insolvency and BankruptcyVacation of the ex-parte interim order - HELD THAT - It reveals from the order impugned dated 01.10.2021 that the pleadings are complete and taking note of the grievance which has been projected by the parties the NCLAT Principal Bench at New Delhi has fixed the matter for hearing on 16.11.2021. It is considered appropriate to observe that if hearing would not have been possible to take place on 16.11.2021 at least their request for vacation of the ad-interim order dated 19.10.2020 may be heard on the aforesaid date. Appeal disposed off.
Issues involved:
Challenge to order appointing liquidator by NCLT, stay on liquidation proceedings by NCLAT, delay in hearing application for vacation of interim order causing irreparable loss. Analysis: The judgment pertains to an application for permission to file a Civil Appeal, which was granted. The case involves a challenge to an order passed by the National Company Law Tribunal (NCLT) for appointing a liquidator. The aggrieved party challenged this order before the National Company Law Appellate Tribunal (NCLAT), which stayed further liquidation proceedings through an interim order. Subsequently, a liquidator filed an application for vacation of the interim order, which has not been heard yet, causing significant irreparable loss to the parties involved. The order dated 01.10.2021 indicates that the pleadings are complete, and the NCLAT has fixed the matter for hearing on 16.11.2021, taking note of the grievances raised by the parties. The Supreme Court, after considering the submissions, observed that if a hearing on 16.11.2021 was not possible, at least the request for vacation of the interim order dated 19.10.2020 should be heard on the same date. As a result, the Civil Appeal was disposed of, and any pending applications were also disposed of accordingly. The judgment highlights the importance of timely hearings and addressing the grievances raised by the parties to prevent any further irreparable loss.
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