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2019 (5) TMI 1417 - NATIONAL COMPANY LAW APPELLATE TRIBUNALOppression and Mismanagement - stay of proceedings pending before the Tribunal - whether this Appellate Tribunal should modify or make variations of the interim order passed on 12th December, 2018? - HELD THAT:- The Appellant has not prayed for any interim relief in appeal. The order dated 12th December, 2018 was passed by this Appellate Tribunal as it was alleged by the learned Senior Counsel for the ‘Petitioner' that they have issued notice on 24th October, 2018 with regard to sale of ‘Chembur Land’, which Appellant Company intend to sell. From the record, we also find that the Company is a Real Estate business of construction to the allottees. If the interim order dated 12th December, 2018 is allowed to continue, it would result in stopping the entire business and operations of the Appellant Company as not only immovable assets, even the movable assets of the Appellant Company cannot be dealt with in normal course of its business - Such power having vested with the Tribunal, this Appellate Tribunal can also pass interim order in the interest of the Company. Taking into consideration the fact that the interim order dated 12th December, 2018 if allowed to continue, it will result in stopping the entire operations and business of the Appellant Company, as Company in normal course cannot sell or allot properties to the allottees, which will affect the business of the Company, we modify the interim order dated 12th December, 2018 and direct the parties not to sell the ‘Chembur Land’ of the Company without prior permission of this Appellate Tribunal or till the final decision of these appeals whichever is earlier. The order dated 12th December, 2018 is recalled and stands modified.
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