NCLAT rejects Sebi plea against resolution plan of Assam Company
New Delhi: The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea by capital market regulator Sebi challenging the approval given by NCLT Guwahati to the resolution plan of Assam Company India. A three-member bench headed by NCLAT Chairperson Justice S J Mukhopadhaya also gave a go ahead to the Securities and Exchange Board of India (Sebi) to take steps against promoters, directors or officials of Assam Company IndiaNSE 0.00 % if they are found violating listing laws.
Sebi had challenged the NCLT order of September 20, 2018, approving the resolution plan of Abu Dhabi-based BRS Ventures Investments for Assam Company. The resolution plan has provisions to delist Assam Company from National Stock Exchange and BSE.
The appellate tribunal ruled that the Sebi’s appeal was “not maintainable” in the “absence of any violation of the provisions” of the Insolvency & Bankruptcy Code.
