Reserved order pronouncement may await subsequent-event applications when later developments could affect final adjudication.

Procedural directions on bench constitution and pronouncement of reserved orders did not curtail the Tribunal's discretion to await a pending application based on subsequent events. Because the later application had already been entertained, heard and reserved before pronouncement of the Section 7 order, and an appeal is a continuation of the original proceedings, the appellate forum could consider supervening developments before final adjudication. The Special Bench should therefore have deferred pronouncement until the pending application was decided. The challenge succeeded, the admission order was set aside, and the company petition with connected interlocutory applications was revived for fresh consideration before the regular bench.

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Issues: Whether the reserved order admitting the Section 7 application could be pronounced by a Special Bench despite the pendency of an application seeking de-reservation and rehearing on the basis of subsequent events.

Analysis: The procedural directions issued by the President of the Tribunal regulated bench constitution and pronouncement of reserved orders, but they did not take away the Tribunal's judicial discretion to await a pending application raising subsequent developments. The pending application had been entertained, heard and reserved for orders before pronouncement of the main company petition. Since an appeal is a continuation of the original proceedings, the appellate forum could take note of supervening events and the adjudicating authority could have considered the effect of the later DRT order before pronouncing on the Section 7 petition. The Tribunal therefore held that there was no fetter on deferring pronouncement and that the special bench ought to have awaited the decision on the later application.

Conclusion: The challenge succeeded. The order admitting the Section 7 application was set aside and the company petition together with the pending interlocutory applications was revived for fresh consideration before the regular bench.

Ratio Decidendi: Where a subsequent application based on later events is pending and reserved before pronouncement of a reserved order, procedural directions regarding pronouncement of reserved judgments do not curtail the Tribunal's power to await that application and consider the later developments before final adjudication.

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