The case involves an appeal against an order dated 10th September 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Allahabad Bench, Allahabad, in Company Petition No. (IB)/110/ALD/2017 and CA No. 100/2018. The appellant, the Resolution Professional of Shree Bhawani Paper Mills Ltd. (Corporate Debtor), challenged the order. The Adjudicating Authority held that Regulatory Authorities are not covered under the ‘Moratorium’ as provided under Section 14 of the Insolvency and Bankruptcy Code, 2016.
The Resolution Professional of Shree Bhawani Paper Mills Ltd. (Corporate Debtor) appealed against an order by the Adjudicating Authority (NCLT Allahabad) which stated that regulatory authorities are not covered by the moratorium under Section 14 of the Insolvency and Bankruptcy Code (I&B Code). The appellant argued that the moratorium should prevent the Bombay Stock Exchange (BSE) from suspending trading shares of the Corporate Debtor and that SEBI regulations should not apply during the moratorium. The BSE, as the respondent, argued that Section 14 does not apply to them and that they can take actions under the SEBI Act, 1992. The appellant also cited a Supreme Court decision stating that proceedings against the Corporate Debtor cannot proceed once a moratorium is
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The Adjudicating Authority (National Company…
The NCLAT modified and clarified the impugned…
The case involves an appeal against an order dated 10th September 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Allahabad Bench, Allahabad, in Company Petition No. (IB)/110/ALD/2017 and CA No. 100/2018. The appellant, the Resolution Professional of Shree Bhawani Paper Mills Ltd. (Corporate Debtor), challenged the order. The Adjudicating Authority held that Regulatory Authorities are not covered under the ‘Moratorium’ as provided under Section 14 of the Insolvency and Bankruptcy Code, 2016.
The Resolution Professional of Shree Bhawani Paper Mills Ltd. (Corporate Debtor) appealed against an order by the Adjudicating Authority (NCLT Allahabad) which stated that regulatory authorities are not covered by the moratorium under Section 14 of the Insolvency and Bankruptcy Code (I&B Code). The appellant argued that the moratorium should prevent the Bombay Stock Exchange (BSE) from suspending trading shares of the Corporate Debtor and that SEBI regulations should not apply during the moratorium. The BSE, as the respondent, argued that Section 14 does not apply to them and that they can take actions under the SEBI Act, 1992. The appellant also cited a Supreme Court decision stating that proceedings against the Corporate Debtor cannot proceed once a moratorium is
…The Adjudicating Authority (National Company…
The NCLAT modified and clarified the impugned…