The unsuccessful resolution applicant in this case pointed out that the successful resolution applicant (M/s Aggarsain Spinners Limited and Ramesh Kumar) was barred by SEBI from accessing the securities market for a period of 10 years, due to non-compliance of a SEBI circular.
In addition, it was submitted that the Resolution Applicant at the time of filing the Resolution Plan filed a false affidavit stating his compliance with Section 29A of the Code.
The Resolution Applicant claimed that he came to know about the SEBI notification from State Bank of India (SBI) only in December 2020, when the proposal for raising funds was submitted.
Source: Barandbench
