Sebi moves SC against NCLT order on IBC overriding regulators' laws

NCLT order barred Sebi from recovering money from a firm against which insolvency petition was admitted

The Supreme Court on Wednesday agreed to hear a plea by the Securities and Exchange Board of India (SEBI) against an order by the National Company Law Tribunal (NCLT), which had held that the laws of Insolvency and Bankruptcy Code (IBC) would reign over the markets regulator’s laws. The top court, while agreeing to hear the case, asked that the present status quo be maintained in the case.

The case dates back to 2015, when the SEBI had held that HBN Dairies & Allied Limited had illegally collected close to Rs 1,136 crore from various shareholders under unauthorised ‘Collective Investment