Suo moto application filed against failure of payment let to settlement – THE SECURITIES AND EXCHANGE BOARD OF INDIA
A Suo moto settlement application in terms of the SEBI (Settlement Proceedings) Regulations, 2018 proposed settlement for the proceedings initiated against the alleged violation of Regulations 4(1)(d), 4(1)(e), 30(2), 30(6), 30(7) read with paragraph 16 (b), (c) and (d) of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as ‘LODR Regulations’). The petition was filed against the applicant under the Insolvency and Bankruptcy Code to initiate Corporate Insolvency Resolution Process (hereinafter referred to as ‘CIRP’) for failure to make payment. the application was admitted by the Mumbai Bench of National Company Law Tribunal (hereinafter referred to as ‘NCLT’) and an Interim Resolution Professional (hereinafter referred to as ‘IRP’) was appointed.
The High Powered Advisory Committee considered the settlement terms proposed by the applicant and recommended the case for settlement upon payment of ₹20,25,000 and the exercise of the powers conferred under Section 15JB of the Securities and Exchange Board of India Act, 1992 and in terms of Regulations 23 read with Regulation 28 of the Settlement Regulations and ordered the proceedings with terms and conditions.
Order reviewed by Naveen sharma