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2017 (8) TMI 1673 - SC - Companies LawNCLT has not ascribed reasons whether it is just and equitable in the controversy involved to pass an interim order for conduct of company affairs - HELD THAT:- On a perusal of the order passed by the NCLT, it is found that certain reasons have been given. In such a case, it is opined that the NCLAT should not have cryptically set aside the order and remanded the matter with a direction that the main petition shall be decided along with the prayer for interim relief. Whether circumstances exist to arrive at a reasonable conclusion for regulating the conduct of the company affairs to pass an interim order on such terms and conditions as appeared to be just and equitable are to be appositely appreciated. Needless to say the words 'just and equitable' are associated with the terms and conditions but not with the reasons for passing an interim order. A case has to be made out by the applicant for getting an interim order. When the matter is remanded to the NCLAT, the main proceeding before the NCLT shall remain stayed till the NCLAT decides with regard to the justifiability of the interim order. The NCLAT may be well advised to deal with the issue of maintainability of the original proceedings or that comes within the sweep of prima facie case for entertaining the prayer for interim relief. Appeal allowed.
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