Partly allowed

Shree Renuka Sugars Limited v. National Commodity & Derivatives Exchange Limited & Anr.

Delhi HC23 Feb 2016FAO(OS) (COMM)/4/2016

Case brief

AI extract

What is this about?

Division Bench dismissed the appeal as the impugned order was pro-tem and ex-parte. Declared the correct remedy is filing a vacation application under principles of Order XXXIX Rule 4 CPC. Ordered the Single Judge to decide such application within 30 days.

What did the court decide?

Appeal dismissed; stay order dismissed as infructuous. Exemption to the single judge to stem the sale of shares was allowed with 30-day disposal condition.

Shree Renuka Sugars Limited Vs National Commodity… — Company and Corporate | Delhi HC (2016)

¶1

$~17

¶2

IN THE HIGH COURT OF DELHI AT NEW DELHI

¶3

FAO(OS) (COMM) 4/2016 SHREE RENUKA SUGARS LIMITED ..... Appellant Represented by: Mr.Sandeep Sethi, Sr.Adv. instructed by Mr.Shikhil Suri, Mr.Kamaldeep Dayal, Advs.

¶4

versus

¶5

NATIONAL COMMODITY & DERIVATIVES EXCHANGE LIMITED & ANR ..... Respondent Represented by: Mr.Parag P.Tripathi, Sr.Adv. instructed by Mr.Sandeep Gupta, Mr.Tushar Gupta, Ms.Anasuya, Advs.

¶6

CORAM: HON'BLE MR. JUSTICE PRADEEP NANDRAJOG HON'BLE MS. JUSTICE MUKTA GUPTA

¶7

O R D E R

¶8

% 23.02.2016 CM 6554/2016

¶9

Exemption allowed subject to just exceptions. FAO(OS) (COMM) 4/2016

¶10

Impugned order is a pro-tem ex-parte ad-interim order as distinct from an interim order pending resolution of the main dispute.

¶11

The order under challenge has been passed on the first date of listing of OMP (I)(COMM.) 11/2016. While issuing notice to the respondents the learned Single Judge has passed the pro-tem interim order as under:

¶12

‘Pending the initiation of and the hearing and final disposal of the arbitration proceedings and for a period of three months thereafter, this Court is pleased to restrain the Respondents,

¶13

FAO(OS) (COMM) 4/2016

¶14

page 1 of 2

¶15

their agents, servants and or any other persons claiming through or under them by an order of temporary injunction from in any manner whatsoever selling, transferring, alienating, encumbering and/or creating third party rights of any nature whatsoever in respect of the shares held by Respondent Nos.1 and 2’.

¶16

Appeal would lie against the impugned order inasmuch as it is not an interim judgment. The appellant’s remedy is to file an application on principles analogous to Order XXXIX Rule 4 of the Code of Civil Procedure 1908 and if the learned Single Judge does not decide said application within 30 days of it being filed and listed before the learned Single Judge, the appellant would be entitled to approach the Division Bench.

¶17

Dismissing the appeal we simply observe that dismissal thereof would not lend our imprimatur to the impugned order. Should appellant file an application for vacation of the ex-parte ad-interim order, the learned Single Judge shall decide the same within 30 days of it being listed.

¶18

No cost.

¶19

CM 6553/2016 (stay)

¶20

Dismissed as infructuous.

¶21

PRADEEP NANDRAJOG, J.

¶22

MUKTA GUPTA, J.

¶23

FEBRUARY 23, 2016 ‘ga’

Shree Renuka Sugars Limited v. National Commodity & Derivatives Exchange Limited & Anr.

Case brief

What is this about?

What did the court decide?

Shree Renuka Sugars Limited v. National Commodity & Derivatives Exchange Limited & Anr.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Sant Ram Vs State

Ajay @ Sunder Pal Vs State

M/S Hindustan Motors Ltd. Vs Board for Industrial and Financial Reconstruction & Ors.

Upma Khanna & Anr. Vs Tarun Sawhney & Ors.

Bhanamal Rana @ Bhagwan Singh Vs Ravi Khunteta & Anr.

Kishan Lal Vs Veena Kumari