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TMI Blog2021 (10) TMI 1132X X X X Extracts X X X X X X X X Extracts X X X X ..... nd set aside Annexure-2, letter dated 23.06.2020 of the respondent National Stock Exchange of India Ltd. 2. It is submitted that the CIRP has been initiated against the corporate debtor Bohra Industries Ltd. vide order dated 07.08.2019 of this Adjudicating Authority in C.P. No.-(I.B.)-157/7/JPR/2019. It is further submitted that in spite of the fact that the corporate debtor is undergoing CIRP, the respondent vide its letter dated 12.06.2020 levied fine on the corporate debtor for the delay in making certain compliances in terms of Regulation 7(3) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The Resolution Professional through various letters informed about the undergoing process of CIRP against the corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. Heard Mr. Amol Vyas, Advocate appearing for the Resolution Professional. 8. It is relevant to refer to Section 14 of IBC, 2016, and the same is as under:- "14. Moratorium- (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following namely:- "(a) 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; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch corporate debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such corporate debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified.] [(3) The provisions of sub-section (1) shall not apply to- [(a) such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with any financial sector regulator or any other authority;] (b) a surety in a contract of guarantee to a corporate debtor.] (4) The order of moratorium shall have effect from the date of such order till completion of the corporate insolvency reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e failure of the Board of Directors of the corporate debtor in managing the company in a proper manner, the company went into the CIRP process. After the company was taken over by the 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. 11. 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 unsustainab ..... X X X X Extracts X X X X X X X X Extracts X X X X
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