SEBI has moved the Supreme Court against an order by the National Company Law Tribunal (NCLT) in the matter of collective investment schemes (CIS) where the tribunal ruled that the Indian Bankruptcy Code (IBC) will prevail over the SEBI Act. The SC has issued a notice to the parties involved and the next hearing is on Monday, according to lawyers present in the Court said.
The Principal Bench of the NCLT presided by MM Kumar and SK Mohapatra last month had ordered the release of assets belonging to corporate debtor HBN Dairies and Allied, which were attached as part of execution proceedings by SEBI.
The HBN Dairies case was admitted by the NCLT as investors cited delay in getting back their money. Nearly a year before HBN was admitted for…
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