2021 (10) TMI 1132

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....quash and 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 c....

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....rporate debtor. 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 ....

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....otect and preserve the value of the corporate debtor and manage the operations of such 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 or....

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..... It is to be seen that the fine was levied for the delay in making certain compliances. In view of the fact that due to the 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 imp....