The National Company Law Appellate Tribunal (NCLAT) has dismissed BSE’s appeals against NCLT’s order to defreeze the demat accounts of businesses undergoing insolvency resolution and liquidation process.The case pertained to two companies – Future Corporate Resources and Liz Traders and Agents. BSE froze their demat accounts as these companies, which are undergoing an insolvency process, allegedly failed to pay the annual listing fee to the stock exchange, among others.
The resolution professionals assigned for both companies approached NCLT, as they planned to sell shares held in the companies to recover money. The Mumbai-bench of NCLT in October 2025 and July 2024 passed two separate orders, directing BSE to take back the freeze on…