“Fine” Line in Bankruptcy: SEBI Penalties Held Excluded Debt
The IBC1 stands as a comprehensive legal edifice designed to resolve financial distress. Within its intricate framework, Section 79(15)(a) acts as a specific carve-out, declaring that a “liability to pay fine imposed by a court or tribunal” lies beyond the grasp of bankruptcy proceedings.This seemingly clear demarcation, however, encounters turbulence when confronted with penalties levied by regulatory behemoths like the […]
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