Dewan Housing Finance Corporation Ltd vs Securities And Exchange Board Of India

We have heard Sri Ashish Kamat, learned counsel for the appellant and Sri Vishal Kanade, learned counsel for the respondent through video

conference.

The question which arises for consideration is, whether the Securities and Exchange Board of India (“SEBI†for convenience) could initiate

proceedings under SEBI Act, 1992 inspite of issuance of a moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC). This aspect

requires consideration. The respondent is allowed four weeks time to file a reply. Three weeks thereafter to the appellant to file rejoinder. The matter

would be listed for admission and for final disposal on September 15, 2020.

In the meanwhile, no recovery shall be made from the appellant pursuant to the impugned order during the pendency of the appeal.

Urgency/ Stay Application No. 180 of 2020 is disposed of. The application to dispense the filing of the certified copy of the impugned order is

allowed.

Parties are directed to take instructions from the Registrar 48 hours before the date fixed in order to find out as to whether the matter would be

taken up for hearing through video conference or through physical hearing.

The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a

certified copy of this order could be issued by the Registry. In these circumstances, this order will be digitally signed by the Presiding Officer on behalf

of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Parties will act on production of a digitally signed

copy sent by fax and/or email.