2025 (7) TMI 1830

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...., Adv. Mr. Kumar Shivam, AOR Mr. Jayanth Mehta, Sr. Adv. Mr. Shravanth Paruchuri, AOR Mr. Nithin Chowdary Pavuluri, Adv. Mr. Subham Saurabh, Adv. Mrs. V. Soubhagya Valli, Adv. Mr. K. Vijaya Bhaskar Reddy, Adv. ORDER 1. The National Company Law Tribunal, Hyderabad Bench issued the following directions vide its order dated 2nd May, 2025 passed in IA(IBC) 1726/2024, in CP(IB)No.l6/7/HDB/2023 in para 10. The para 10 reads thus: "(i) The Respondents shall take all necessary steps to relist the equity shares of the CD in accordance with the Resolution Plan approved by this Authority vide Order dated 19.04.2024 in I.A. (IBC) (Plan) No. 5 of 2024. (ii) The Respondent No. l and Respondent No.2 shall not insist upon payment of fines, penaltie....

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....ate the relisting in accordance with the directions issued above. (ix) The Registry is directed to issue a certified copy of this Order to all parties concerned, including Securities Exchange Board of India (SEBI) and the concerned Stock Exchanges, for immediate compliance." 2. Being aggrieved with the order passed by the National Company Law Tribunal (for short "the NCLT") referred to above, the appellant namely the National Stock Exchange of India Limited preferred Company Appeal before the National Company Law Appellate Tribunal at Chennai. 3. The impugned order passed by the Appellate Tribunal reads thus: " The Appellant seeks to challenge the order dated 02.05.2025 passed by Ld. NCLT, Hyderabad Bench in IA(IBC) 1726/2024, in CP....

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....(Delisting of Equity Shares) as amended by 2018 as delisting was done on 19.07.2021 when 2009 Regulations, were still in force and the said amendment contained a provision for relisting of companies implementing a Resolution Plan under the I & B Code, 2016. He further stated that although the 2021 Regulations repealed the earlier framework, it includes a savings clause that preserves actions validly taken under the 2009 Regulations. The issues to be gone into in this case will be as to what will be the ambit of exercise of powers by the Ld. Adjudicating Authority under Section 238 of the I & B Code, 2016, and as to upto what extent it can override the provision of SEBI Act and Regulation in the matter of relisting of shares. It is bei....