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2021 (12) TMI 907 - AT - Insolvency and BankruptcyRight to apply under Section 9 of IBC - Regulatory Dues versus Operational Debt’ - failure to pay requisite Annual Listing fees (“ALF”) on or before the 30th day of April, every year. - Period of limitation - it is apparent that the Respondent’s continuous default is not merely restricted to the initial date of default but on every subsequent occasion when the Respondent was obliged to make payments but failed to pat ALF - HELD THAT:- Ld. Adjudicating Authority has rightly come to the conclusion that the agreement so filed cannot be relied upon, as the same is not a valid agreement in the eye of law, so Learned Counsel for the Appellant relied on an order passed by this Appellate Tribunal in B.S.E. LTD. VERSUS NEO CORP INTERNATIONAL LTD. [2019 (4) TMI 2032 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI] is not applicable in this matter. Listing Fees comes under the ambit of ‘Regulatory dues’ which SEBI is entitled to recover. The Respondent being an entitly registered under SEBI, is under an obligation to follow the Regulations prescribed by SEBI for recovery of its dues. The dues so said are not ‘Operational Dues’ but ‘Regulatory Dues’. The Insolvency Law Committee suggests that Regulatory Dues are not to be recovered under ‘Operational Debt’. Appeal dismissed.
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