https://www.taxtmi.com/caselaws?id=757294 NCLAT held that prior NOC from stock exchanges under Regulation 37(1)(2) of LODR is not required for schemes of arrangement for revival of companies undergoing liquidation under the Insolvency and Bankruptcy Code. The tribunal reasoned that SEBI's 2018 amendment exempting NOC requirements for resolution plans under Section 31 of the Code should extend to revival schemes, as these schemes are akin to resolution plans and serve similar purposes. The court emphasized that revival efforts benefit all stakeholders and that stock exchanges retain the right to object during NCLT proceedings. The appeal was allowed and the impugned order was set aside. en-us Tue, 20 Aug 2024 00:00:00 +0530 Wed, 21 Aug 2024 11:01:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757294 NCLAT held that prior NOC from stock exchanges under Regulation 37(1)(2) of LODR is not required for schemes of arrangement for revival of companies undergoing liquidation under the Insolvency and Bankruptcy Code. The tribunal reasoned that SEBI's 2018 amendment exempting NOC requirements for resolution plans under Section 31 of the Code should extend to revival schemes, as these schemes are akin to resolution plans and serve similar purposes. The court emphasized that revival efforts benefit all stakeholders and that stock exchanges retain the right to object during NCLT proceedings. The appeal was allowed and the impugned order was set aside. Case-Laws Law of Competition Tue, 20 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757294