TaxTMI 
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2024 (12) TMI 475
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....br>2024 (12) TMI 475 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAI - TMI<br>NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAI - AT<br>Dated:- 6-12-2024<br>Company Appeal (AT) (CH) No. 81/2024 (IA No. 1207/2024) Company Appeal (AT) (CH) No. 82/2024 (IA No. 1209/2024) - -<br>Corporate Laws<br>[ Justice Sharad Kumar Sharma ] Member ( Judicial ) And [ Jatindranath Swain ] Member ( Technical ) For the Appellant : Mr. Srinath Sridevan, Senior Advocate & Mr. R. Chandrachud, Senior Advocate For Ms. Deepika Murali & Athman Khilji, Advocates For the Respondents : Mr. R. Sankaranarayanan, Senior Advocate & Mr. Vijay Narayan, Senior Advocate For Mr. P. Giridharan & Mr. C. Thiagarajan, Advocates for R1 & R2 Mr. Dhyan Chinappa, Senior Advocate Fo....
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....d. V. M/s. Singapore VII Topco I Pte Ltd. & Ors., this Writ Petition was decided by Hon'ble High Court on 25.11.2024, to the following effect:- "Heard Sri K G Raghavan, learned Senior Counsel representing the petitioner&#039s counsel, and Sri Kapil Sibal, learned Senior Counsel and Sri Darius Khambata, learned counsel representing the respondents. Perusal of the impugned order indicated that although the Tribunal recorded the submissions of the parties, it did not assign any reason for directing the respondents No. 1 to 13 therein not to give effect to the resolution, if passed. It is settled law that reasons are an objective expression of an opinion, and the Tribunal have to substantiate their orders in interest of legality, propriet....
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.... the first date of hearing before the NCLAT, the parties will not give effect to the impugned resolution(s), as directed by the NCLT, vide order dated 20.11.2024. We are informed that, after the order dated 25.11.2024 was passed by the learned Single Judge, some developments have taken place. The said developments will be informed to the NCLAT, which will thereupon be at liberty to adjudicate and decide the matter, the order passed by the learned Single Judge of the High court dated 25.11.2024 will, however, not stand in the way of the NCLAT passing appropriate orders.'' 8. The Hon'ble Apex Court while concluding the Judgment, has observed that, it would be exclusively falling within the domain of the NCLAT, to consider the subsequent ev....
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....r was lacking, that has deprived an opportunity of effective hearing. 12. The learned counsel for the Appellant has submitted that, if the Impugned Order is taken into consideration, the learned Tribunal has erred at law, while not considering the rival contentions and assigning the reasons, for either acceptance or the reasons for non-acceptance of the arguments while granting an Interim Order and further, it has been argued by the learned counsel for the Appellant that, if at all, the circumstances called for, grant of an Interim Order, it could have been by way of an interim arrangement and the liberty to file an objection ought to have left open, to have been called upon from the Appellant, so as to enable them to raise their contentio....
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.... to say that, the assigning of the reason is the basic guiding principles for the Court of Law to justify the logic, as to what has transpired under the given set of circumstances to pass an order, which impeaches upon the rights of the either of the parties to the proceedings. 16. But, owing to the argument extended by the learned counsel for the Appellant and the opposition as extended by the learned counsel for the Respondents, there could not be any valid reason forthcoming, as to why the learned Tribunal while passing the order had not considered the arguments and assigned reasons, which was extended by the Respondent / the Appellant herein, while granting an Interim Order which was directed to continue till the closure of the Company....