NCLAT ka Big Decision! Ab Stock Exchanges nahi rok sakte Company ke Demat Accounts, IBC rules supreme!

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AuthorAnanya Iyer|Published at:
NCLAT ka Big Decision! Ab Stock Exchanges nahi rok sakte Company ke Demat Accounts, IBC rules supreme!
Overview

Arre yaaro, suno! NCLAT ne ek bada hukum suna diya hai. Stock exchanges, jaise BSE, ab kisi bhi company ke Demat accounts ko rok (freeze) nahi sakte jab woh company insolvency process mein ho. Bilkul sidha rule hai, IBC hi sabse upar chalega.

NCLAT ne BSE ki appeals ko dismiss kar diya hai, aur confirm kar diya hai ki Insolvency and Bankruptcy Code (IBC) hi sabse bada boss hai. Is ruling ke baad, jab koi company insolvency resolution ya liquidation mein hoti hai, toh stock exchanges uske Demat accounts ko freeze nahi kar payenge. Yeh ruling March 29, 2026 ko aayi hai aur yeh IBC ka supremacy dikhati hai securities regulations par.

Asal mein, BSE ka kehna tha ki Demat account se related mamle securities law ke andar aate hain, IBC ke nahi. Lekin NCLAT ne clear kar diya ki agar company IBC ke scope mein aa gayi hai, toh NCLT (National Company Law Tribunal) hi uske sabhi mamlon ko handle karega, khaas kar Section 60(5) ke tahat. Yeh mamla Future Corporate Resources aur Liz Traders ka tha, jinke Demat accounts BSE ne listing fees na bharne ki wajah se freeze kar diye the. Company ke Resolution Professionals (RPs) ko yeh accounts khulwane the taaki creditors ka paisa recover ho sake. Initial NCLT orders jo accounts khulwane ke liye the, unko bhi NCLAT ne uphold kiya.

Yeh IBC aur securities laws ke beech chal rahe conflicts mein ek major development hai. Pehle bhi aise kai cases aaye hain jahan SEBI aur IBC ke powers ko lekar confusion tha. Lekin NCLAT ka stance hamesha clear raha hai: IBC sabse upar hai, khaas kar Section 238 ke according, jab company insolvency ya liquidation mein ho. Agar koi dispute insolvency process ko affect karta hai, toh jurisdiction insolvency court ke paas hi jayegi, bhale hi woh issue securities law se shuru hua ho. Isse Resolution Professionals ko company ke assets ko manage karne mein kaafi aasani hogi bina kisi regulator ya exchange ke interference ke, jo IBC ke jaldi resolution ke goal ko support karta hai.

Ab NSE aur BSE ne bhi insolvency mein jaane wali companies ke liye kuch guidelines banayi hain, jaise investors ko alerts dena ya trading halt karna agar delisting ka plan ho. Lekin NCLAT ke is latest ruling ke baad, exchanges ko apne enforcement tareeke badalne pad sakte hain. Yeh Future Corporate Resources aur Liz Traders waale cases mein NCLAT ka decision, pehle ke NCLT orders (July 2024, October 2025) ke baad aaya hai, aur yeh dikhata hai ki market infrastructure providers ke paas zyada options nahi bachenge agar unki actions insolvency proceedings mein rukavat dalengi.

IBC ka yeh badhta hua domination corporate distress cases mein clear dikh raha hai. Supreme Court ke bhi kayi judgments ne iss baat ko reinforce kiya hai ki IBC hi primary framework hai corporate issues ko resolve karne ke liye. Isse market participants ko yeh samajhna hoga ki insolvency law aur securities regulation ke beech ki boundaries continuously shift ho rahi hain.

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