Initiation of CIRP cannot be barred based on SEBI order

Nitin Suresh Satghare Vs Pancard Clubs Limited (NCLAT Mumbai) Held that initiation of CIRP under I&B code cannot be nullified by any order passed by SEBI nor can be a ground to reject an application. Facts- This Company Petition is filed under section 7 of the Insolvency and Bankruptcy Code, 2016 seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Pancard Clubs Limited. The present Petition was filed before this Adjudicating Authority on the ground that the Respondent has defaulted in repayment of monies to the tune of Rs.1,55,12,880/- invested by the Petitioners. Th...