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A coram of Chairperson Ashok Bhushan and technical member Arun Baroka observed in an April 19 order that a person who sleeps over their rights should not be given the indulgence of condonation of delay.
The NCLAT's decision highlights the significance of timely action for creditors involved in IBC proceedings.
Criticising market regulator Securities and Exchange Board of India (SEBI) for its sluggish approach in handling a case, the Supreme Court rapped SEBI for taking 10 years to conclude an investigation into a case involving alleged violation of listing norms and unfair trade practice. Last year also, the apex court had pulled up SEBI for issuing a show-cause notice (SCN) after a 10-year probe in the Alps Motor Finance Ltd (AMFL) case.
While criticising the Securities and Exchange Board of India (SEBI) for issuing a show cause notice (SCN) to a company ten years after conducting an investigation, the Supreme Court has directed the market regulator to hold an inquiry into the delay and submit a report. In the case of alleged misuse of funds raised through preferential allotment by Alps Motor Finance Ltd (AMFL), SEBI had challenged an order passed by the securities appellate tribunal (SAT).
Securities and Exchange Board of India (SEBI) has imposed a fine of Rs41 lakh on Alps Motor Finance Ltd (AMFL) and Brij Bhushan Sabharwal, the company's former whole-time director and Himanshu Agarwal, former non-executive and non-independent director, for mis-utilising funds collected from the preferential allotment.