# In the matter of Securities and Exchange Board of India Vs. Rohit Sehgal & Ors. Civil Appeal No(s). 5089-2019

> SC judgment dated 2019-06-17. Citation: TCN-2019-SC-00062. This is a civil appeal before the Supreme Court of India. The Securities and Exchange Board of…

- **Court:** SC
- **Order date:** 17 Jun 2019
- **Citation:** TCN-2019-SC-00062
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/securities-and-exchange-board-of-india-vs-rohit-sehgal-ors-civil-appeal-no-bc63d36f

## Summary

### Background

This is a civil appeal before the Supreme Court of India. The Securities and Exchange Board of India (SEBI) is the appellant, and Rohit Sehgal & Ors. are the respondents. The appeal involves applications for ex-parte stay, permission to file an appeal, and exemption from filing a certified copy of the impugned judgment. The case also involves a Special Leave Petition (SLP(C) No. 13678/2019) concerning permission to file additional documents and exemption from filing a certified copy of the impugned judgment. The NCLT had directed SEBI to hand over title deeds to the resolution professional, which SEBI appealed.

## Facts

The Securities and Exchange Board of India (SEBI) filed a civil appeal against Rohit Sehgal & Ors. The appeal includes applications for ex-parte stay, permission to file an appeal, and exemption from filing a certified copy of the impugned judgment. A Special Leave Petition (SLP(C) No. 13678/2019) is also associated with the case, concerning permission to file additional documents and exemption from filing a certified copy of the impugned judgment. The NCLT directed SEBI to hand over title deeds to the resolution professional. The Supreme Court heard the matter on June 17, 2019, and Advocates-on-Record waived notice on behalf of the respondents. The court directed the filing of a counter affidavit within ten days and a rejoinder affidavit within one week

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## Issues and analysis

### Issue 1: Whether the NCLT's direction to SEBI to hand over title deeds to the resolution professional should …

**Ratio:** The court has the power to grant a stay on the operation of an order passed by a lower

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**Reasoning:** The court reasoned that allowing the NCLT's direction to stand without a stay could

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**Interpretation:** This issue involves interpreting the scope of the NCLT's powers in directing

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**Application:** The court applied the ratio by considering the potential harm to SEBI if the

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## Parties

- **Judges:** DEEPAK…; SURYA…
- **Appellants:** Securities and…
- **Respondents:** ROHIT SEHGAL &…
- **Advocates:** C.U. S…; Bhargava V.…; +10 more

## Timeline

- **2019-06-17 — Hearing…**: The matters were called on for…
- **2019-07-08 — Listing…**: Case to be listed before the appropriate Bench…

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