The Supreme Court declined to interfere with the interlocutory order of the NCLAT and directed the expeditious disposal of the appeal.
The Supreme Court Bench headed by Dr. Dhananjaya Y. Chandrachud, CJI., Justice J.B. Pardiwala and Justice Manoj Misra addressed an appeal and refrained from interfering with an interlocutory order of the NCLAT, emphasizing that such orders are not binding on the merits of the case and directed the NCLAT to expedite the appeal while allowing the appellant the liberty to seek modification if timely adjudication was not feasible.
The Supreme Court addressed an appeal against the impugned order of the National Company Law Appellate Tribunal (NCLAT) dated 13 August 2024. The NCLAT's order had stayed the decision of the National Company Law Tribunal (NCLT) while allowing the Interim Resolution Professional (IRP) to continue and simultaneously restraining the Committee of Creditors (CoC) from assuming charge.
The Court observed that the appeal before the NCLAT was scheduled for hearing on 28 October 2024. In light of this, the Supreme Court refrained from exercising its appellate jurisdiction over the interlocutory order. It was clarified that any further orders issued in the pending appeal should not be influenced by the observations in the impugned order, which were deemed interlocutory and not conclusive in nature.
The Supreme Court requested the NCLAT to expedite the disposal of the appeal on the adjourned date. It also provided liberty to the appellant to seek a modification of the interlocutory order in case the appeal could not be taken up promptly due to the workload or other exigencies.
With these observations, the Supreme Court disposed of the appeal and any pending applications in the matter.
Mr. Tushar Mehta, Solicitor General, Ms. Nidhi Mittal, Ms. Yashika Sharma, Ms. Muskan Jain, Advocates and Mr. Ankur Mittal, AOR represented the appellant.
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