The case involves an appeal against an order dated 12th July, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata. The Directorate of Enforcement had attached properties of Varrsana Ispat Limited (Corporate Debtor). The Resolution Professional filed an application before the Adjudicating Authority seeking the release of the attached assets. The Adjudicating Authority observed that the attachment order was issued on 10th July, 2017, before the declaration of moratorium. The Directorate of Enforcement's order releasing the attachment was challenged in this appeal.
The Directorate of Enforcement attached properties belonging to Varrsana Ispat Limited, the Corporate Debtor. This attachment occurred before the declaration of a moratorium under the Insolvency and Bankruptcy Code (IBC). The Resolution Professional (RP) for Varrsana Ispat Limited filed an application before the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) to release the attached assets. The Adjudicating Authority initially favored the RP's application. The Directorate of Enforcement appealed the Adjudicating Authority's order, arguing that the Prevention of Money Laundering Act (PMLA) allows for actions even during the moratorium period under the IBC. The RP argued that Section 14 of the IBC should have an overriding effect, preventing any
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Attachment order issued…
Order passed by the…
The case involves an appeal against an order dated 12th July, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata. The Directorate of Enforcement had attached properties of Varrsana Ispat Limited (Corporate Debtor). The Resolution Professional filed an application before the Adjudicating Authority seeking the release of the attached assets. The Adjudicating Authority observed that the attachment order was issued on 10th July, 2017, before the declaration of moratorium. The Directorate of Enforcement's order releasing the attachment was challenged in this appeal.
The Directorate of Enforcement attached properties belonging to Varrsana Ispat Limited, the Corporate Debtor. This attachment occurred before the declaration of a moratorium under the Insolvency and Bankruptcy Code (IBC). The Resolution Professional (RP) for Varrsana Ispat Limited filed an application before the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) to release the attached assets. The Adjudicating Authority initially favored the RP's application. The Directorate of Enforcement appealed the Adjudicating Authority's order, arguing that the Prevention of Money Laundering Act (PMLA) allows for actions even during the moratorium period under the IBC. The RP argued that Section 14 of the IBC should have an overriding effect, preventing any
…Attachment order issued…
Order passed by the…