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of NCLAT adjudicated a bankruptcy proceeding involving a personal guarantor, determining the status of a regulatory penalty imposed by SEBI. The tribunal held that penalties of a regulatory nature fall under Section 79(15)(a) of the Insolvency and Bankruptcy Code, 2016, qualifying as an 'excluded debt' outside bankruptcy proceedings. The court interpreted Section 238 of the Code as providing overriding effect, thereby excluding such penalties from the moratorium under Section 96. Consequently, the SEBI penalty was deemed not recoverable through bankruptcy proceedings, maintaining the statutory intent of excluding fine-like monetary impositions from insolvency resolution mechanisms. The appeal was ultimately dismissed, affirming the lower court's interpretation of the regulatory penalty's legal status.
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