JUDGEMENT

JUSTICE YOGESH KHANNA, MEMBER (JUDICIAL)

The present appeal is filed under Section 421 of the Companies Act, 2013 against order dated 04.04.2024 passed by the Ld.National Company Law Tribunal, Mumbai in CP( CA A)/189(MB)2023 in CA ( CA A)/109(MB)/2023. The said application was filed by Respondent No.1/Liquidator of Birla Cotsyn India Ltd for approval of the Scheme of Arrangement for the revival of the Corporate Debtor under section 230 read with Section 66 of the Companies Act, 2013 and Regulation 2-B of the IBBI (Liquidation Process) Regulations

2016 (hereinafter referred as “Liquidation Process Regulations”).

2. In the said Application, vide the Impugned Order dated 04.04.2024, the Ld NCLT has held it is mandatory for the Liquidator to seek No-Objection Certificate for the Scheme from Respondent No. 2 / Bombay Stock Exchange under Regulation 37 of the SEBI (Listing Obligation and Disclosure Requirements), Regulations, 2015 (“LODR”), and accordingly directed the Respondent No.1 to seek NoC from BSE before the approval of the Scheme by the Ld. NCLT.

3. Thus the broad question of law to be addressed in the present Appeal is whether Regulation 37(1) and (2) of the LODR would ap