Whether the legislative intendment was that for recovery of registration fee, listing fee and other kinds of fee, the provisions of the Code should be resorted to for recovery of such fees from a Company? – BSE Ltd. Vs. Asahi Infrastructure & Projects Ltd. – NCLAT New Delhi

NCLAT held that when the Insolvency Law Committee has categorically in the Report, held that regulatory dues need not be included in the definition of operational debt, the said opinion of experts, cannot be brushed aside. The recommendations given by Insolvency Law Committee Report is in line with the object of the Code. In event, it is held that all kind of dues including regulatory dues, the insolvency resolution process can be triggered, then the entire purpose of the object of the the Code will be lost and insolvency proceedings will turn into recovery proceedings for the dues of creditors, which is not the object of the the Code, as has been laid down by the Hon’ble Supreme Court in Swiss Ribbons Private Limited and Anr. [2019] ibclaw.in 03 SC and other judgments.

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