Interim protection over title deeds granted while resolution professional's functions continue pending further hearing.

Interim protection was sought against a direction requiring SEBI to hand over title deeds to the resolution professional, and for permission to allow the resolution professional to continue functioning pending further hearing. The SC granted notice, directed filing of counter affidavit and rejoinder, permitted the resolution professional to continue performing his functions, stayed the direction to hand over the title deeds, and restrained SEBI from creating any encumbrance over the properties held on the strength of those title deeds. Interim relief was therefore granted, with the matter listed for further hearing.

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Issues: Whether interim protection should be granted against the direction to hand over the title deeds to the resolution professional, and whether the resolution professional may continue to perform his functions pending further hearing.

Analysis: The Court granted notice and directed filing of counter affidavit and rejoinder. Pending further consideration, it permitted the resolution professional to continue functioning, stayed the direction requiring SEBI to hand over the title deeds, and restrained SEBI from creating any encumbrance over the properties held on the strength of those title deeds.

Outcome: Interim relief granted and the matter listed for further hearing.

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