NEW DELHI: The principal bench of the National Company Law Tribunal (NCLT) has directed market regulator Securities and Exchange Board of India (Sebi) to de-attach the properties of a corporate debtor attached during its execution proceedings.
The matter brings into focus the issue of the in-built disagreement between the Sebi Act and the provisions of the Insolvency and Bankruptcy Code (IBC).
In an order earlier this week, the Tribunal said: “Sebi is directed to de-attach the properties of the corporate debtor and hand over the possession to the Resolution Professional to conduct the Corporate Insolvency Resolution Process (CIRP) expeditiously, in accordance with the timeline in the Code.
The tribunal noted that Sebi is bound by the…
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