9911796707
TMI Blog2021 (10) TMI 1132X X X X Extracts X X X X X X X X Extracts X X X X ..... applicant Resolution Professional, certain compliances have been made, may be belatedly and with regard to other compliances, the Resolution Professional explained the impediments being faced by him. In view of the moratorium declared in terms of Section 14 of the Code and also in view of the fact of making certain compliances subsequently and also in view of the fact that the Resolution Professional is facing certain reasonable impediments with regard to certain other compliances, the impugned order of National Stock Exchange of India Ltd. is unsustainable. Burdening the corporate debtor with imposition of fines further is against to the interest of the corporate debtor and also against to the object of the Code. The imposition of f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate debtor. However the National Stock Exchange of India Ltd. vide impugned Annexure-2 dated 23.06.2020 and through its subsequent communications insisted that the corporate debtor is liable to pay a fine of ₹ 8,38,980 (inclusive of 18% GST), in view of the failure of the corporate debtor in making certain compliances and the details of the same are as under:- 3. Hence, the I.A. 4. Initially the I.A. has been filed without impleading the necessary party i.e., National Stock Exchange of India Ltd. as respondent to the I.A. However, thereafter an amended Memo of Parties has been filed impleading the National Stock Exchange of India Ltd. as the sole respondent to the I.A. In spite of service of notice on the respondent, as evi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor. [Explanation - For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a licence, permit, registration, quota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. 9. The respondent National Stock Exchange of India Ltd. not agreed with the submissions of the Resolution Professional mainly on the ground that the non-compliance i.e. delay in submission of financial results was prior to the initiation of CIRP i.e. prior to 07.08.2019 and as on the relevant period, the Board was very much in power. The National Stock Exchange of India Ltd. not agreed with the Resolution Professional with regard to dela ..... X X X X Extracts X X X X X X X X Extracts X X X X
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