Shivasons Solutions India Private ... vs Neehal Mahamulal Pathan Anr

Shivasons Solutions India Pvt. Ltd. ...Appellant(s)

Versus

Neehal Mahamulal Pathan & Anr. ...Respondent(s) Present: For Appellant : Mr. Anuj Tiwari, Shalini Basu, Vaibhav Vats, Sameer Mishra, Adv. For Respondents : None ORDER

(Hybrid Mode) 16.12.2025: This appeal has been filed against the order dated

30.10.2025 passed by the NCLT, Court No. 1, Mumbai Bench in I.A No.

4908/MB/2025. I.A was filed by the Successful Resolution Applicant (SRA)

praying for the prayers which has been noted in para 2 of the impugned order

to the following effect:-

"a. That this Hon'ble Tribunal be pleased to allow the present application and direct BSE/ NSE not to impose any fines or penalties on the Corporate Debtor for delay or non-compliance of any listing requirement till 16/08/2024, i.e. the date of hand over of management and control of the Corporate Debtor by the Respondent/ Resolution Professional to the Applicant/ Successful Resolution Applicant;

b. That this Hon'ble Tribunal be pleased to issue necessary order to clarify that any fines, penalties, interest or additional fees imposed by any statutory, regulatory, or governmental authority, arising for the period ANNEXURE A-1 70 prior to 16/08/2024, be waived, cancelled, or set aside in the interest of Justice as per the provisions of the Insolvency and Bankruptcy Code, 2016;

c. That this Hon'ble Tribunal be pleased to set aside the fines and penalties imposed by BSE vide letter dated 23/09/2025 on the Corporate Debtor in view of prayer clause (a) above; d. That this Hon'ble Tribunal be pleased to pass any other order/direction as this Hon'bIe Tribunal deems fit and proper in the facts of the present case."

2. Ld. Counsel for the Appellant submits that the penalty was imposed

under the SEBI Act and the Rules during the period when the SRA was not

handed over the CD.

3. It is submitted that the Adjudicating Authority has not correctly

appreciated the application where the Appellant has prayed for waiver of the

fee, penalty and fine subsequent to the date of approval of the resolution plan.

4. The Adjudicating Authority has observed that BSE has already waived

of the fine and penalty for the period upto the date of approval of resolution

plan and in the application the Applicant has prayed for waiver of levy of

penalty subsequent to the approval of the resolution plan. The penalty and

fee were imposed by the BSE in accordance with the statutory provisions of

the SEBI Acts and Rules and in event the SRA is aggrieved by imposition of

penalty, it was open for the SRA to challenge the order in accordance with the

statutory provisions of the concerned Acts and Rules. The Adjudicating

Authority has rightly refused to waive the penalty, fee and fine by the

impugned order.

5. With these observations, we dismiss the appeal.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical) Sheetal/Manu