2021 (9) TMI 1442 - SCH - Companies Law

Vacation of Emergency Award passed by the Emergency Arbitrator - HELD THAT - Taking into consideration the submissions advanced by the learned senior counsel for the parties and particularly the fact that the parties have approached the Singapore International Arbitration Centre for vacating the Emergency Award passed by the Emergency Arbitrator and the arguments in the said matter have been concluded and the order is going to be pronounced shortly, it is thought fit to balance the interest of both the parties by staying all further proceedings before the Delhi High Court for the time being. List these matters after four weeks.

Summary

Issues involved: Stay of proceedings before Delhi High Court, direction to NCLT, CCI, and SEBI not to pass final orders for four weeks.

Analysis:

The Supreme Court, comprising HON'BLE THE CHIEF JUSTICE, HON'BLE MR. JUSTICE SURYA KANT, and HON'BLE MR. JUSTICE A.S. BOPANNA, conducted the proceedings through Video Conferencing. After hearing the senior counsels for both parties and examining the submitted material, the Court issued a notice. Considering that the parties had sought relief from the Emergency Award through the Singapore International Arbitration Centre, and the arguments in that matter had concluded with an impending order, the Court deemed it appropriate to maintain a balance between the parties' interests. Consequently, the Court decided to stay all further proceedings before the Delhi High Court temporarily. This decision was made to prevent any prejudice to either party until the resolution of the arbitration proceedings. Additionally, the Court directed the National Company Law Tribunal (NCLT), Competition Commission of India (CCI), and Securities and Exchange Board of India (SEBI) to refrain from issuing any final orders for a period of four weeks starting from the date of the order. Importantly, this directive was issued with the mutual agreement of both parties involved in the case. The Court scheduled the next hearing in these matters after the completion of the four-week period, indicating a temporary halt in the legal proceedings to maintain fairness and equity between the parties.