NCLT directs de-attachment of properties attached by SEBI

NCLT directs de-attachment of properties attached by SEBI

The Principal Bench of National Company Law Tribunal (NCLT) recently ordered de-attachment of properties belonging to a corporate debtor, which were attached as part of execution proceedings by the Securities and Exchange Board of India (SEBI). The attachment order was also upheld by the Securities Appellate Tribunal (SAT). This particular case highlights the inherent conflict between provisions of the Insolvency and Bankruptcy Code (IBC) and the SEBI Act.

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