IN THE NATIONAL COMPANY LAW TRIBUNAL,

MUMBAI BENCH, COURT – III

IA/2398/2022

In

C.P.(IB)/2641(MB)/C-III-2019

(Under Section 60(5) of the Insolvency and Bankruptcy

Code, 2016.)

Mr. Alok Kumar Agarwal, Liquidator

Liquidator for Sneh Sadan Traders & Agents Limited.

Cecil Court, 1^st Floor, Landsowne Road, Mumbai, MH-

400039.

……Applicant

Vs.

1. National Stock Exchange of India Limited,

Listing Compliance, Exchange Plaza, Bandra Kurla

Complex, Bandra East, Mumbai- 400051.

……Respondent No. 1

2. Bombay Stock Exchange Limited,

Listing Compliance, Exchange Plaza, Bandra Kurla

Complex, Bandra East, Mumbai- 400051.

……Respondent No. 2

In the matter of

Rattan India Finance Private Limited

……Financial Creditor

Vs.

Sneh Sadan Traders and Agents Limited

.…..Corporate Debtor

Order Pronounced on: 24.04.2024

CORAM:

SHRI CHARANJEET SINGH GULATI SMT LAKSHMI GURUNG HON’BLE MEMBER (T) HON’BLE MEMBER (J)

Appearances:

For the Applicant : Adv. Shruti Singhi For the Respondent 1: Adv. Nausher Kohli a/w Adv. Rudra Deosthali i/b Parinam Law Associates For the Respondent 2: Adv. Abhay Chavhan i/b The Law Point

ORDER

Per- Charanjeet Singh Gulati, Member Technical

1. The present application is filed by Shri Alok Kumar Agarwal, Liquidator of Sneh Sadan Traders and Agents Limited (“Applicant”) under Section 60(5) of the Insolvency & Bankruptcy Code, 2016 (“IBC, 2016”) against National Stock Exchange of India Limited (NSE/Respondent No.1) and Bombay Stock Exchange Limited (BSE/Respondent No. 2), seeking following reliefs:

a.) That this Hon’ble Tribunal be pleased to direct the Respondents to revoke the suspension placed on the Demat A/Cs bearing Client ID 18838056, held with IIFL Securities Ltd. bearing Depositary Participant ID IN 300394, and Client ID 10783098 with Yes Bank Ltd. bearing Depositary Participant ID- IN 303270.

b.) To pass such Orders that this Hon’ble Tribunal may deem fit and appropriate in the facts and circumstances of the case.

Relevant Brief Facts:

2. A Petition being CP(IB)-2641/I&B/MB/2019 was filed by Rattan India Finance Private Limited under Section 7 of the IBC for initiation of Corporate Insolvency Resolution Process against the Sneh Sadan Traders and Agents Limited (“Corporate Debtor”), same was admitted by this Tribunal vide Order dated 22.10.2019 and the Applicant was appointed as Interim Resolution Professional (“IRP”) and subsequently as the Resolution Professional (“RP”).

3. Subsequently, the Committee of Creditors, at its 4^th meeting, approved the Liquidation of the Corporate Debtor and the same was allowed by this Tribunal vide order dated 05.07.2021 and the Applicant was appointed as Liquidator.

4. The Liquidator ascertained that the following Demat Accounts (“Demat Accounts”) are in the Corporate Debtor’s name:

a. Demat A/c bearing Client ID 18838056 with IIFL Securities Ltd -

Depositary Participant ID - IN 300394.

b. Demat A/c bearing Client ID 10783098 with Yes Bank Ltd -

Depositary Participant ID - IN 303270.

5. However, the Liquidator was unable to access them. The Liquidator proceeded to file a Complaint dated 13.05.2022 bearing registration no. EBIE/MH22/49895/D/1 with the Securities and Exchange Board of India (“SEBI”) to seek information on the status of the Demat Accounts.

6. Vide email dated 20.05.2022, the National Securities Depository Limited (“NSDL”), informed the Applicant that the Demat Accounts have been “suspended for debits” in accordance with SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2018/77 dated 03.05.2018 and based on the PANs of Promoters/Promoter Group of non-compliant companies, being Cox and Kings Financial Service Limited and Tulip Star Hotels Ltd and, as received from National Stock Exchange (“NSE”) and Bombay Stock Exchange (“BSE”) respectively. The non-compliance pertains to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”).

7. Further, vide email dated 15.06.2022, the Applicant approached Respondent No. 1 and 2 informing them that the Corporate Debtor is undergoing Liquidation and the Applic