NCLAT upholds NCLT’s power to defreeze Demat accounts
The National Company Law Appellate Tribunal (NCLAT) has dismissed the appeals filed by BSE, in which the leading bourse challenged the power of the NCLT to defreeze the Demat accounts of businesses undergoing insolvency resolution and liquidation. A two-member NCLAT bench said the National Company Law Tribunal (NCLT) has the jurisdiction under Section 60 (5) of the Insolvency & Bankruptcy Code (IBC) to entertain applications for defreezing of the Demat accounts during insolvency and pass a direction also.
BSE had contended that the NCLT does not have any jurisdiction…