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Issues: Whether adjudication proceedings and consequential recovery action under the SEBI law could be instituted or continued against a corporate debtor after a moratorium had come into force under section 14 of the Insolvency and Bankruptcy Code, 2016.
Analysis: The moratorium under section 14 was held to prohibit the institution of proceedings against the corporate debtor and also the continuation of pending proceedings, including proceedings before a tribunal or other authority. The provision was treated as clear and unambiguous, leaving no scope for resort to external aids such as the Insolvency Law Committee report for a contrary construction. The proceedings initiated by the adjudicating officer after the moratorium had commenced were therefore barred. Reliance was placed on the settled position that once moratorium operates, proceedings against the corporate debtor cannot proceed and recovery action is also interdicted.
Conclusion: The SEBI adjudication proceedings, the penalty order and the proposed recovery action were impermissible during the moratorium and were liable to be quashed.
Ratio Decidendi: Once a moratorium under section 14 of the Insolvency and Bankruptcy Code, 2016 is in force, no proceeding against the corporate debtor may be instituted or continued before any court, tribunal or authority, and any contrary action taken thereafter is without jurisdiction.
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