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 attached properties of Varrsana Ispat Limited (Corporate Debtor). The Resolution Professional filed an application before the Adjudicating Authority for releasing the attachment. The Adjudicating Authority observed that the attachment order was issued on 10th July, 2017, prior to the declaration of the moratorium. The order releasing the attachment was challenged in this appeal.
The Directorate of Enforcement attached properties of Varrsana Ispat Limited, the Corporate Debtor. The Resolution Professional filed an application before the Adjudicating Authority (NCLT), Kolkata, seeking the release of the attached assets. The Adjudicating Authority observed that the attachment order was issued on July 10, 2017, before the moratorium was declared. The Resolution Professional argued that Section 14 of the Insolvency and Bankruptcy Code (IBC) should override the Prevention of Money Laundering Act (PMLA) during the moratorium period. The Directorate of Enforcement contended that the PMLA provisions allow for action even during the moratorium. The attachment by the Directorate of Enforcement occurred before the initiation of the Corporate Insolvency
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The Directorate of Enforcement issued an…
The Adjudicating…
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 attached properties of Varrsana Ispat Limited (Corporate Debtor). The Resolution Professional filed an application before the Adjudicating Authority for releasing the attachment. The Adjudicating Authority observed that the attachment order was issued on 10th July, 2017, prior to the declaration of the moratorium. The order releasing the attachment was challenged in this appeal.
The Directorate of Enforcement attached properties of Varrsana Ispat Limited, the Corporate Debtor. The Resolution Professional filed an application before the Adjudicating Authority (NCLT), Kolkata, seeking the release of the attached assets. The Adjudicating Authority observed that the attachment order was issued on July 10, 2017, before the moratorium was declared. The Resolution Professional argued that Section 14 of the Insolvency and Bankruptcy Code (IBC) should override the Prevention of Money Laundering Act (PMLA) during the moratorium period. The Directorate of Enforcement contended that the PMLA provisions allow for action even during the moratorium. The attachment by the Directorate of Enforcement occurred before the initiation of the Corporate Insolvency
…The Directorate of Enforcement issued an…
The Adjudicating…