4. The NCLAT, in Securities and Exchange Board of India v. Annies Apparel Private Limited (Company Appeal (AT) (Insolvency) No. 1421 of 2024), dealt with the admissibility of a claim arising from a statutory penalty imposed after the liquidation commencement date (“LCD”). In this case, Securities and Exchange Board of India (“SEBI”) had initiated regulatory proceedings prior to liquidation, but the adjudication order imposing a monetary penalty was passed only after liquidation had commenced. The claim filed by SEBI was rejected by the liquidator on the ground that liability had not arisen or crystallised as on the LCD. The view of the liquidator was affirmed by the NCLAT, which had observed that as the statutory scheme freezes…
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