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2019 (4) TMI 1724

..... lure to perform the duties, if any, penal order is passed for penalty imposed on the ‘Corporate Debtor’ or any recovery can be made in terms of Section 28A of the ‘SEBI Act, 1992’? - HELD THAT:- As per Section 14 (1) (a) of the ‘I&B Code’, the institution of suits or continuation of pending suits or proceedings against the ‘Corporate Debtor’ including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority is prohibited - Section 28A of the SEBI Act, 1992 including sub-Section (3) therein is in contravention of Section 14 of the ‘I&B Code’. Section 28A of the ‘SEBI Act, 1992’ being inconsistent with Section 14 of the ‘I&B Code’, we hold that Section 14 of the ‘I&B Code’ will prevail over Section 28A of the ‘SEBI Act, 1992’ and ‘Securities Exchange Board of India’ cannot recover any amount including the penalty from the ‘Corporate Debtor’. The ‘Bombay Stock Exchange’ for the same very reason cannot take any coercive steps against the ‘Corporate Debtor’ nor can .....

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..... the moratorium order as provided U/S 14 of I&B Code. Given the moratorium issued under Section 14 of the I&B Code, 2016, Regulatory Authorities are not debarred from enforcing the Regulations as prescribed under Rules. Bombay Stock Exchange, under SEBI (LODR) Regulation, 2015 or Central Depository Services (India) Ltd. and National Securities Depositary Stocks India Limited are not barred from compelling the Corporate Debtor company to comply with the Regulations as prescribed under Rules. The CA is not maintainable Hence rejected at the very threshold. 2. Learned counsel appearing on behalf of the Appellant submitted that Section 14 (1) (a) of the I&B Code is also applicable to the provisions of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015 , during the Moratorium period, no compliance of Regulations, 2015 is required. 3. It is also alleged that the Respondent- Bombay Stock Exchange threatened suspension of trading shares of the Corporate Debtor , which is against the provision of Section 14 of the I&B Code . According to him, the Respondent- Bombay Stock Exchange has no jurisdiction to suspend trading share .....

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..... hich reads as follows: 17. Management of affairs of corporate debtor by interim resolution professional.-(1) From the date of appointment of the interim resolution professional,- (a) the management of the affairs of the corporate debtor shall vest in the interim resolution professional; xxx xxx xxx (2) The interim resolution professional vested with the management of the corporate debtor shall- xxx xxx xxx (e) be responsible for complying with the requirements under any law for the time being in force on behalf of the corporate debtor. 12. From the aforesaid provisions, it is clear that the Interim Resolution Professional is responsible for complying with the requirements under any law for the time being in force on behalf of the Corporate Debtor , which includes the SEBI Act, 1992 and Securities Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015 framed therein. 13. The question arises for consideration is whether on failure to perform the duties, if any, penal order is passed for penalty imposed on the Corporate Debtor or any recovery can be made in terms of Section 28A of the SEBI Act, 1992 . 14. According to learned counsel for Securitie .....

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..... k accounts so transferred to his minor child or his son's minor child is concerned, it shall, even after the date of attainment of majority by such minor child or son's minor child, as the case may be, continue to be included in the person's movable or immovable property or monies held in bank accounts for recovering any amount due from the person under this Act. Explanation 2.- Any reference under the provisions of the Second and Third Schedules to the Income-tax Act, 1961 and the Income-tax (Certificate Proceedings) Rules, 1962 to the assessee shall be construed as a reference to the person specified in the certificate. Explanation 3.- Any reference to appeal in Chapter XVIID and the Second Schedule to the Income-tax Act, 1961, shall be construed as a reference to appeal before the Securities Appellate Tribunal under section 15T of this Act. (2) The Recovery Officer shall be empowered to seek the assistance of the local district administration while exercising the powers under sub-section (1). (3) Notwithstanding anything contained in any other law for the time being in force, the recovery of amounts by a Recovery Officer under sub-section (1), pursuant to non-complia .....

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