# In the matter of Securities and Exchange Board of India vs. Girish Siriram Juneja & Anr.

> NCLAT judgment dated 2023-12-06. Citation: TCN-2023-NCLAT-00052. This case involves an appeal against an order dated 27.07.2023 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 6 Dec 2023
- **Citation:** TCN-2023-NCLAT-00052
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/securities-and-exchange-board-of-india-vs-girish-siriram-juneja-anr-1c01fe79

## Summary

### Background

This case involves an appeal against an order dated 27.07.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-III in I.A. No.3787 of 2022 in C.P. 1067/I&B/MB/2019. The appeal was filed by the Securities and Exchange Board of India (SEBI) against the rejection of its application (IA No. 3787 of 2022) seeking to keep a certain amount (Rs. 30,86,62,832) separate from the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor, 'Osian's Connoisseurs of Art Private Limited'. The corporate debtor was founded in 2000 and was in the business of artworks. SEBI had issued an order on 28.05.2021 directing the Corporate Debtor to refund the balance amount to investors along with interest. The CIRP was initiated against

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## Facts

Osian's Connoisseurs of Art Private Limited (Corporate Debtor) was founded in 2000 and was in the business of artworks. The Corporate Debtor sponsored a private trust called 'Osian Art Fund' under the Indian Trusts Act, 1882. Oseta Investments Trustee Company Pvt. Ltd. was appointed as a Trustee of the Trust. The Trust Deed was executed on 10.03.2006. The Corporate Debtor launched a fund, “The Osian's Art Fund Scheme Contemporary 1” and collected Rs.1,02,40,00,000/- from 656 investors. SEBI issued a show cause notice and initiated proceedings against the Corporate Debtor for sponsoring and managing a 'Collective Investment Scheme' without obtaining the Registration Certificate. SEBI passed a final order on 28.05.2021 directing the Corporate Debtor to refund the balance

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in …

**Ratio:** The Adjudicating Authority has the power to decide on applications related to the CIRP.

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**Reasoning:** The Adjudicating Authority gave ample reasons for dismissing the Application IA No.3787

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**Interpretation:** The Adjudicating Authority's decision is presumed correct unless there is a

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**Application:** Since the NCLAT found no infirmity in the Adjudicating Authority's order, the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Securities and…
- **Respondents:** Osian's Connoisseu…; Girish Siriram…
- **Advocates:** Neeraj Ma…; Dhaval Me…; +4 more

## Timeline

- **2000-01-01 — Corporate Debto…**: Osian's Connoisseurs of Art…
- **2006-03-10 — Trust Deed Ex…**: The Trust Deed was executed between the…

## 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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