Kochi | A bench of the Kerala High Court on Friday stayed the "effect and operation" of its single judge order putting on hold further proceedings pursuant to the ED show cause notice to KIIFB in the Masala Bonds case.
A bench of justices Sushrut Arvind Dharmadhikari and P V Balakrishnan said that the single judge's December 16 order shall be stayed till January 5, 2026, the next date of hearing of the appeal by the Enforcement Directorate (ED).
The order came on the ED's appeal, filed through advocate Jaishankar V Nair, challenging the December 16 order of the single judge staying for three months all further proceedings pursuant to the show cause notice.
The bench admitted the appeal and issued notice to the Kerala Infrastructure Investment Fund Board (KIIFB) seeking its stand before the next date of hearing.
"Heard on the question of admission and interim relief. The appeal is admitted for hearing. Issue notice to the respondent (KIIFB).
"In the meanwhile, effect and operation of the impugned interim order dated December 16, 2025 shall remain stayed till the next date of hearing. The matter shall be heard finally on the next date of hearing, i.e. on January 5, 2026," the bench said.
The court, earlier in the day, reserved its judgment on ED's appeal after hearing arguments on behalf of the agency and KIIFB.
