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order for conduct of company affairs. On a perusal of the order passed by the NCLT, we find certain reasons have been given. In such a case, we are of the considered opinion 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. Whether the reasons ascribed by the NCLT are erroneous or not is required to be adjudicated by the NCLAT. The NCLAT is also required to consider from the materials brought on record whether the interim order for regulating the conduct of the company affairs is warranted.
As the said aspect has not been addressed by the NCLAT, we are compelled to allow the appeal and set aside the order passed by the NCLAT and direct the NCLAT to decide the appeal within four weeks from today. The parties are at liberty to raise their respective contentions on the basis of the materials produced before the NCLT.
When we are remanding the matter 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.