India, March 30 -- The National Company Law Appellate Tribunal (NCLAT) has dismissed the appeals filed by BSE, where the leading bourse challenged the power of the NCLT to defreeze the Demat accounts of businesses undergoing insolvency resolution and liquidation process. A two-member NCLAT bench said the National Company Law Tribunal (NCLT) has the jurisdiction under section 60 (5) of the Insolvency & Bankruptcy Code (IBC) to entertain applications for defreezing of the Demat accounts during insolvency and pass a direction also. "...the impugned orders have been passed in valid exercise of such jurisdiction," the NCLAT said while setting aside the two petitions filed by BSE.

BSE had contended that the NCLT does not have any jurisdiction ...