# In the matter of BSE Limited vs. Avil Menezes & Ors.

> NCLAT judgment dated 2026-03-24. Citation: TCN-2026-NCLAT-00061. BSE Limited filed an appeal challenging the order dated 31.10.2025 passed by the National…

- **Court:** NCLAT
- **Order date:** 24 Mar 2026
- **Citation:** TCN-2026-NCLAT-00061
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/bse-limited-vs-avil-menezes-ors-45633380

## Summary

### Background

BSE Limited filed an appeal challenging the order dated 31.10.2025 passed by the National Company Law Tribunal, Mumbai, directing the appellant to vacate the debit freeze on the Demat account of Future Corporate Resources Private Limited.

## Facts

BSE Limited (BSE) filed an appeal against the order of the National Company Law Tribunal (NCLT), Mumbai, dated 31.10.2025.

The NCLT order directed BSE to vacate the debit freeze on the Demat account of Future Corporate Resources Private Limited (FCRPL).

FCRPL's Corporate Insolvency Resolution Process (CIRP) was initiated on 24.09.2024.

Mr. Avil Menezes was appointed as the Interim Resolution Professional (IRP) for FCRPL.

The Demat account was frozen due to non-payment of annual listing fees by Future Retail Ltd. (FRL).

BSE refused to defreeze the Demat account until the outstanding dues were paid.

The liquidator of Liz Traders and Agents Pvt. Ltd. filed an application to defreeze the Demat account, which was allowed by the NCLT.

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## Issues and analysis

### Issue 1: Whether the NCLT has jurisdiction under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 …

**Ratio:** The NCLT has jurisdiction to adjudicate disputes that arise solely from or relate to the

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**Reasoning:** Section 60(5) of the IBC provides the NCLT with the power to entertain or dispose of any

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**Interpretation:** The NCLT's jurisdiction is limited to matters directly connected to the

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**Application:** In this case, the issue of defreezing the Demat account, where the shares are

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## Parties

- **Judges:** Mohd. Faiz Alam…; Naresh Sa…
- **Appellants:** BSE LIM…
- **Respondents:** Future Corporate…; Liz Traders and…; +8 more
- **Other parties:** T.V. Balasubramani…
- **Advocates:** Abhishek…; Surbhi…; +20 more

## Timeline

- **31.10.2025 — Impugned…**: Order passed by the National Company Law Tribunal, Mumbai, directing BSE to vacate the…
- **24.09.2024 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of Future Corporate Resources Private…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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