https://www.taxtmi.com/caselaws?id=406144 A prolonged blanket status quo order was modified because it had continued for more than ten years without serving a useful purpose. The Court accepted that the restraint was preventing settlement discussions among the secured creditor, auction purchaser and other creditors, and was contributing to deterioration of productive assets. As an interim measure, it permitted negotiations toward settlement and directed that a status report or settlement document be placed before the Court. The earlier status quo orders were changed only to that limited extent, while the parties' rights and contentions remained preserved and the matter continued pending consideration. en-us Wed, 17 Feb 2021 00:00:00 +0530 Wed, 07 Apr 2021 09:18:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406144 A prolonged blanket status quo order was modified because it had continued for more than ten years without serving a useful purpose. The Court accepted that the restraint was preventing settlement discussions among the secured creditor, auction purchaser and other creditors, and was contributing to deterioration of productive assets. As an interim measure, it permitted negotiations toward settlement and directed that a status report or settlement document be placed before the Court. The earlier status quo orders were changed only to that limited extent, while the parties' rights and contentions remained preserved and the matter continued pending consideration. Case-Laws Companies Law Wed, 17 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406144