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of <h1>Tribunal streamlines Interim Applications process in Company Petition case, emphasizes procedural compliance</h1> <h3>Macquarie SBI Infrastructure Investments Pvt. Ltd. Versus Soham Renewable Energy India Pvt. Ltd.</h3> The Tribunal declined to entertain separate Interim Applications seeking various reliefs against the Respondents in the main Company Petition, as the main ... Maintainability of Interim application - Oppression and mismanagement - seeking to stay the operation of the impugned circular resolutions Nos. SREIPL-CR-003/2019/20, SREIPL-CR-004/2019/20 and SREIP L-CR-005/2019/20 dated 10.02.2020 - HELD THAT:- In the normal course, Interim Applications are maintainable only after question of Admission of the main case is over. And separate Interim Application(s) can be filed later on, if any new developments takes place in the case, and there is any urgency in the mater. Since the case is coming for admission for the first time and the Respondents requested time for filing their replies to Main/interim reliefs sought for, separate Applications are not maintainable. Moreover, the pleadings and prayers made in the above Applications are more or less covered under the reliefs sought for in the main Company Petition. Application are hereby disposed of by granting liberty to Applicants/Petitioners to urge the Tribunal to pass appropriate interim orders as sought for under the paragraph No. 44 of the main Company Petition, at the time of next date of hearing - Post the CP for consideration of interim reliefs on 10.07.2020. Issues Involved:1. Interim Applications filed seeking various reliefs against the Respondents in the main Company Petition.Analysis:The Tribunal dealt with seven Interim Applications filed against M/s. Soham Renewable Energy India Pvt. Ltd. & 7 Ors., seeking different interim reliefs under Rule 11 and 32 of the NCLT Rules, 2016. The Applications aimed to stay circular resolutions, restrain key personnel, prevent alteration of shareholding, and restrict alienation of assets. Additionally, the Applications sought to revoke banking authority, prevent fund utilization for legal expenses, appoint a commissioner to inspect a site, and injunct payment of compensation. The Tribunal addressed each Application individually, considering the prayers made and the legal provisions involved.I.A. No. 179/2020 sought to stay circular resolutions and restrain key personnel pending the disposal of the Company Petition. I.A. No. 180/2020 aimed to prevent alteration of shareholding without consent. I.A. No. 181/2020 sought to restrain alienation of assets. I.A. No. 182/2020 aimed to revoke banking authority. I.A. No. 183/2020 sought to prevent fund utilization for legal expenses. I.A. No. 184/2020 aimed to appoint a commissioner to inspect a site. I.A. No. 189/2020 sought to injunct payment of compensation. The Tribunal carefully considered the arguments presented by both parties and evaluated the legal provisions under the Companies Act, 2013 to make a decision.The Tribunal emphasized that the main Company Petition had already sought several interim reliefs under Section 241 & 242 of the Companies Act, 2013. It noted that separate Interim Applications were maintainable only after the admission of the main case, and any new developments could be addressed through subsequent Applications. Since the main Petition covered the prayers made in the Interim Applications, the Tribunal decided not to entertain the separate Applications and granted liberty to the Applicants to seek appropriate interim orders as requested in the main Petition on the next hearing date after the Respondents filed their replies.Furthermore, the Tribunal mentioned a connected matter filed by another party under Section 241 Read with Section 242 of the Companies Act, 2013, which was also pending before the Tribunal. The Respondents were granted time to file their replies to the main and interim reliefs sought in the main Company Petition. Ultimately, the Tribunal disposed of the seven Interim Applications by allowing the Applicants to urge the Tribunal for appropriate interim orders as per the main Company Petition during the next hearing, scheduled for consideration of interim reliefs.In conclusion, the Tribunal's decision highlighted the procedural aspects of filing Interim Applications, the importance of addressing interim reliefs within the main Petition, and the need for parties to follow the legal process for seeking appropriate orders from the Tribunal.
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