2021 (2) TMI 518 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI - Insolvency & Bankruptcy

Head Note / Extract:
Validity of illegal circular resolutions by which the employment agreement of Respondent Nos. 2 to 4 were extended - Seeking directions to nullify any actions taken by Respondent Nos. 2 to 4 pursuant to these illegal appointment/extension of employment agreements - seeking appointment of professional management for Respondent No. 1 - HELD THAT:- There is no procedure prescribed in the Act and Rules that separate interim applications can be filed only after the question of admission of main case is over. Ld. Counsel for the Respondents frankly admitted that there is no provision in the Act or Rules that for interim reliefs separate applications are not maintainable or such applications can be filed only after admission of the main Petition. Section 242 (4) of Companies Act provides that it cannot be said that application for interim reliefs are not maintainable or such applications can be filed only after admission of the main Petition or if the interim reliefs claimed in the interlocutory applications are entirely covered by the reliefs sought in the main Petition then the applications are not maintainable. Appeal allowed.