Securities Appellate Tribunal
In The Matter Of A.L.No. 237 Of 2020 - ... vs Sebi on 19 August, 2020
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date: 19.08.2020
Appeal Lodging No. 237 of 2020
Monnet Ispat & Energy Limited ...Appellant
Versus
Securities and Exchange Board of India ...Respondent
Mr. Tarun Gulati, Senior Advocate with Mr. Shubhabrata
Chakraborti, Ms. Madhura Kulkarni, Advocates i/b Juris Corp
and Mr. Ajay Kadhao, Authorised Representative for the
Appellant
Mr. Mustafa Doctor, Senior Advocate with Mr. Mihir Mody,
Mr. Harshvardhan Melanta and Mr. Shehaab Roshan,
Advocates i/b K Ashar and Co. for the Respondent.
ORDER:
1. We have heard Sri Tarun Gulati, learned senior counsel along with Sri Shubhabrata Chakraborti and Ms. Madhura Kulkarni, for the appellant and Sri Mustafa Doctor, learned senior counsel along with Sri Mihir Mody, Sri Harshvardhan Melanta and Sri Shehaab Roshan, Advocates for the respondent through video conference.
2. The question that arises for consideration in the present appeal is, whether Securities and Exchange Board of India was 2 justified in initiating the proceedings and passing an order of penalty in view of the Resolution Plan being approved under Section 31 of the Insolvency and Bankruptcy Code, 2016 ("IBC") read with Section 32A and 238 of the said Act. Let a reply be filed by the respondent within four weeks from today. Three weeks thereafter to the appellant to file rejoinder. The matter would be listed for admission and for final disposal on October 07, 2020.
3. In the meantime, the effect and operation of the impugned order in so far as it relates to the appellant shall remain stayed till further orders.
4. 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.
5. 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 3 signed copy of this order. Parties will act on production of a digitally signed copy sent by fax and/or email. TARUN Digitally signed by TARUN AGARWAL DN: c=IN, o=PUBLIC WORKS DEPARTMENT UTTAR PRADESH, postalCode=221505, st=Uttar Pradesh, 2.5.4.20=30fcf68685192bbc53e6ff1608a83fb3881de7ac2ab7954d509c8 Justice Tarun Agarwala AGARWAL 5ed6e0f7c41, serialNumber=095f8b286bb0b1cd07ff676611f4f5e7999727d404aa38ca 422f9d3529bdb8a3, cn=TARUN AGARWAL Date: 2020.08.19 18:35:42 +05'30' Presiding Officer Dr. C.K.G. Nair Member Justice M. T. Joshi Judicial Member 19.08.2020 PK