Interim protection preserved where DRT sale powers over assets of a wound-up company remain pending before the Supreme Court.

The High Court declined to vacate the interim order in proceedings concerning winding up, appointment of the Official Liquidator, possession under section 29 of the State Financial Corporation Act, and execution of a Debt Recovery Tribunal certificate. It held that the controversy directly overlaps with the Supreme Court's pending reference in B. Shoes Ltd. on whether the DRT can direct sale of assets of a company already wound up and under Official Liquidator control. In view of that pending decision, the Court preserved the interim arrangement and granted liberty to the parties to approach the Court again after the Supreme Court decides the issue.

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Outcome: The application was disposed of without vacating the interim order, and the parties were left at liberty to approach the Court after the decision of the Supreme Court in the connected matter.

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