BSE Limited vs Avil Menezes - 2026 Supreme(Online)(NCLAT) 28

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2026 Supreme(Online)(NCLAT) 28

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Mohd. Faiz Alam Khan, Member (Judicial)
BSE Limited – Appellant
Versus
Avil Menezes – Respondent

Advocates:
For the Appellants/Petitioners: Mr. Abhishek Puri, Mr. Surbhi Gupta, Mr. Sahil Grewal, Mr. Manish Chhangani, Mr. Abhay Chauhan
For the Respondents: Mr. Neeraj Malhotra, Mr. Abhishek Baid, Mr. Mohit Kumar Bagna, Mr. Praneet Das, Mr. Ravinder Kumar, Mr. Nimish Kumar, Mr. Anand Sengar, Mr. Ajit Shah, Mr. J. Rajesh, Mr. Dhrupad Vaghani, Mr. Md. Arsalan Ahmed, Mr. Yashwardhan Aggarwal, Mr. Amit Agrawal, Mr. Naveen Wegde, Mr. Sarthak Wadhwa, Ms. Lakshmi Nair, Mr. Nayak Samuel

Table of Content
1. facts of future corporate resources cirp and demat freeze (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11)
2. facts of liz traders liquidation and demat freeze (Para 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19)
3. appellant's arguments on nclt jurisdiction limits (Para 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27 , 28 , 29)
4. irp arguments on moratorium and sebi circular (Para 30)
5. securities law framework for listing fees and freezes (Para 31 , 32 , 33 , 34 , 35 , 36 , 37 , 38 , 39)
6. irp/rp/liquidator duties under ibc (Para 40 , 41 , 42)
7. supreme court precedents on nclt jurisdiction (Para 43 , 44 , 45 , 46 , 47 , 48 , 49 , 50)
8. nclat precedents on attachments and overrides (Para 51 , 52 , 53 , 54 , 55 , 56 , 57 , 58 , 59 , 60 , 61 , 62 , 63 , 64 , 65 , 66 , 67 , 68)
9. nclt jurisdiction under section 60(5) affirmed (Para 69 , 70 , 71 , 72 , 73 , 74 , 75 , 76 , 77 , 78 , 79 , 80)
10. appeals dismissed, no interference (Para 81 , 82 , 83)

JUDGMENT

(Hybrid Mode)

[Per: Justice Mohd. Faiz Alam Khan, Member (Judicial)]

A common issue is involved in the aforesaid appeals and therefore for the sake of convenience both above appeals are being disposed of by passing this common order.

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2026 Supreme(Online)(NCLAT) 28

NATIONAL COMPANY LAW APPELLATE TRIBUNALMohd. Faiz Alam Khan, Member (Judicial)BSE Limited – AppellantVersusAvil Menezes – Respondent

Cases Referred (4)

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Mohd. Faiz Alam Khan, Member (Judicial)
BSE Limited – Appellant
Versus
Avil Menezes – Respondent