ORDER

Per: Reeta Kohli, Member (Judicial)

I. The above application I.A. No. 4304 OF 2023 is filed by Securities and Exchange Board of India (hereinafter referred as the “Applicant”) seeking directions against Mr. Manish Lalji Dawda, Resolution Professional of Sheltrex Karjat Private Limited (hereinafter referred as the “Respondent ”) under Section 60(5) of the Insolvency and Bankruptcy code, 2016 (hereinafter called “Code”), praying for following reliefs :

A. This Hon’ble Tribunal be pleased to set aside the decision of the Resolution Professional vide Email dated 12.08.2023, rejecting the Form-

B Proof of Claim;

B. This Hon’ble Tribunal be pleased to direct the Resolution Professional to admit the claim of the Applicant of Rs. 1,07,000/- (Rupees One Lakh Seven Thousand only) along with interest @ 12% p.a. which is due and payable by the Corporate Debtor in terms of the LODR Regulations, Rules, By-Laws and Regulations of the Applicant, Circulars issued by the Applicant/ from time to time;

C. This Hon’ble Tribunal be pleased to pass such other or further orders as this Hon'ble Tribunal may deem fit in the facts and circumstances of the case, in the interest of justice and equity.

II. Facts of the Application-

1. The present Application has been preferred by Securities and Exchange Board of India (SEBI) under the provisions of Securities and Exchange Board of India Act, 1992 seeking a direction to the Resolution Professional to admit the claim of the Applicant of Rs. 1,07,000/- along with interest @ 12% per annum which is due and payable by the Corporate Debtor in terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”). The prayer of the Applicant is also to set aside the decision of the Resolution Professional dated 12.08.2023 vide which the claim of the Applicant has been rejected. The contention of the Applicant is that the Applicant is a statutory body established to protect the interests of investors in securities market and to promote the development and to regulate the securities market and for matter connected therewith. The Applicant contended that vide Circular dated 23.06.2020 (“SEBI Circular”) which came into effect on 01.07.2020 wherein para 3.2 of the said SEBI Circular stated that at the time of executing Debenture Trust Deed, issuers are mandated to provide firstly the Bank details from which it proposes to pay the redemption amount and secondly to pre-authorize Debenture Trustee to seek debt redemption payment related information from Issuer’s bank. The Circular categorically stated that for existing debt securities, the Issuer is required to provide pre-authorization to Debenture Trustee within 60 days from date of the Circular.

2. The case of the Applicant is that the Corporate Debtor, i.e., Sheltrex Karjat Private Limited, failed to comply with the provisions of SEBI Circular because of which adjudication proceedings were initiated against the Corporate Debtor under Section 15-I of SEBI Act read with Rule 5 of SEBI (Procedure for Holding Inquiry and Imposing Penalty) Rules, 1995 for the violation of the aforesaid SEBI Circular and Regulation 8 of LODR Regulations. A show-cause Notice dated 22.12.2022 was issued on the Corporate Debtor as to show why the penalty should not be imposed upon the Corporate Debtor for violation of the provision of law. However, the Corporate Debtor failed to submit its reply. The reminders dated 28.12.2022 and 10.01.2023 were also issued to the Corporate Debtor with respect to the same. Even the opportunity of personal hearing was provided to the Corporate Debtor on 20.01.2023 and 27.02.2023, however, the Corporate Debtor failed to avail the said opportunity of hearing and also failed to respond to the said show-cause Notice. Hence, the Adjudicating Authority proceeded ex-parte against the Corporate Debtor. Taking the facts and circumstances into consideration, the Adjudicating Officer exercising its powers under Section 15J and Section 15