Tribunal directs petitioner to seek NCLAT guidance on company petition admission. The Tribunal disposed of the application for injunction, emphasizing that the petitioner should seek further directions from the NCLAT as the admission ...
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Tribunal directs petitioner to seek NCLAT guidance on company petition admission.
The Tribunal disposed of the application for injunction, emphasizing that the petitioner should seek further directions from the NCLAT as the admission order of the company petition was not final. The respondents were expected to maintain the status quo regarding the IRP proceedings, with no interim orders deemed necessary at that time. The application was disposed of with observations, directing the petitioner to approach the NCLAT for additional directions.
Issues Involved: Application for injunction restraining interference in company operations and reimbursement of CIRP proceeding costs.
Analysis: The applicant filed an application seeking an injunction to prevent interference in the company's operations and to compel respondent No.1 to reimburse the entire cost of the CIRP proceedings. Both parties were represented by their respective advocates. The Tribunal heard the submissions and noted that the Committee of Creditors (COC) had only ratified the expenses of the Interim Resolution Professional (IRP) in a recent meeting. The respondents assured the Tribunal of their awareness of a Supreme Court order and its legal implications.
The Tribunal, considering the submissions made, expected the respondents to maintain the status quo regarding the IRP proceedings. Given that the main company petition was remanded to the Hon'ble NCLAT for fresh disposal, the Tribunal opined that the petitioner should seek further directions from the NCLAT. Consequently, the Tribunal determined that the application should be disposed of with the observations made. It was emphasized that since the order of admission of the company petition was not final, no interim orders were deemed necessary at that time.
In conclusion, the Tribunal disposed of the application with the aforementioned observations, indicating that the petitioner should approach the NCLAT for any additional directions in the matter, as the admission order of the company petition had not yet achieved finality.
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