NCLT Dismisses Fenoplast SRA's Capital Restructuring Appeal

NCLT Hyderabad dismissed an application by Fenoplast Ltd's Successful Resolution Applicant seeking approval for post-CIRP capital restructuring and continued listing.
The SRA proposed a 95% reduction of public shareholding and induction of new promoters, which was not part of the originally approved resolution plan.
The tribunal ruled such restructuring must comply with Companies Act and SEBI regulations separately, as the IBC's clean slate doctrine does not automatically override other statutes.
The applicant was directed to seek necessary approvals from competent authorities like SEBI and BSE under the applicable statutory framework.