New Delhi, Dec 14 (PTI) The NCLAT has set aside an appeal by SEBI, where the markets regulator had asked the tribunal to recover the penalty imposed by it against an entity related to the diversion of funds in the Religare Finvest matter, saying such claims cannot be filed once the liquidation process begins under IBC.

There was no infirmity in the decision of the liquidator in not admitting the claim of SEBI arising out of the order passed by the Adjudicating Officer (AO) and filed after a delay of 797 days after the liquidation commencement date, it said.

The appellate tribunal upheld the order by NCLT and the liquidator of Annies Apparel, observing that the Insolvency & Bankruptcy Code (IBC) “clearly freezes all claims” as on the liquidation commencement date.

“The statutory provisio

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