# In the matter of Securities And Exchange Board Of India Vs Rohit Sehgal & Ors.

> SC judgment dated 2024-05-14. Citation: TCN-2024-SC-00064. The Securities and Exchange Board of India (SEBI) filed a civil appeal. The case involves the sale…

- **Court:** SC
- **Order date:** 14 May 2024
- **Citation:** TCN-2024-SC-00064
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/securities-and-exchange-board-of-india-vs-rohit-sehgal-ors-9ffbe328

## Summary

### Background

The Securities and Exchange Board of India (SEBI) filed a civil appeal. The case involves the sale of assets of the corporate debtor/respondent no.35, HBN Dairies and Allied Limited, with the active involvement of the liquidator. The court is considering how the sale proceeds should be distributed. A Corporate Insolvency Resolution Process has been initiated against Tirupati Infra Projects Pvt. Ltd.

## Facts

The Securities and Exchange Board of India (SEBI) is the appellant in a civil appeal. The case concerns HBN Dairies and Allied Limited, identified as the corporate debtor/respondent no. 35. The court permitted SEBI to sell the assets of HBN Dairies and Allied Limited, with the liquidator's involvement. If SEBI cannot proceed, the liquidator will handle the sale with a SEBI officer's assistance. The sale proceeds are to be placed in an interest-bearing fixed deposit. The distribution of these proceeds is yet to be decided by the court. A Corporate Insolvency Resolution Process has been initiated against Tirupati Infra Projects Pvt. Ltd., which will continue separately. The case was heard on 2024-05-14.

## Issues and analysis

### Issue 1: Whether the Securities and Exchange Board of India should be permitted to sell the assets of the …

**Ratio:** The court has the authority to oversee the sale of assets of a corporate debtor to ensure

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**Reasoning:** The court reasoned that allowing SEBI to sell the assets would facilitate the realization

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**Interpretation:** This issue involves the interpretation of the court's powers in overseeing the

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**Application:** The court applied this principle by permitting SEBI to sell the assets of HBN

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## Parties

- **Judges:** SANJIV K…; DIPANKAR…
- **Appellants:** Securities and…
- **Respondents:** HBN Dairies and…; Rohit S…

## Timeline

- **2024-05-14 — Hearing…**: The matters were called…
- **2024-09-09 — Re-list…**: The case is to be re-listed in…

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