The liquidator of Emgee Cables and Communications Limited filed an application under Section 35(1)(n) and 60(5) read with Section 238 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions to the Deputy Directorate, Jaipur Zonal Office, Enforcement Directorate to release the provisional attachment on the assets of the Corporate Debtor. The provisional attachment was done vide order dated 12.12.2019. The liquidator sought the release of the attachment so that the properties forming the liquidation estate of the Corporate Debtor could be sold in accordance with the IBC provisions. The Deputy Director, Enforcement Directorate, opposed the application, contending that the attachment was issued under Section 5 of the Prevention of Money Laundering Act (PMLA),
…M/s Packwell (India) Pvt. Ltd. is the operational creditor. Emgee Cables and Communications Limited is the corporate debtor. Satyendra P. Khorania is the liquidator of Emgee Cables and Communications Limited. The Deputy Director, Directorate of Enforcement, Jaipur Zonal Office, had provisionally attached the assets of Emgee Cables vide order dated 12.12.2019 under the Prevention of Money Laundering Act (PMLA), 2002. The liquidator filed an application before the NCLT under Section 35(1)(n) and 60(5) read with Section 238 of the IBC, 2016, seeking the release of the attached assets so that they could be included in the liquidation estate and sold to realize value for creditors. The Deputy Director opposed the application, arguing that the attachment was valid under the
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Insolvency proceedings…
The Deputy Director, Directorate of Enforcement,…
The liquidator of Emgee Cables and Communications Limited filed an application under Section 35(1)(n) and 60(5) read with Section 238 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions to the Deputy Directorate, Jaipur Zonal Office, Enforcement Directorate to release the provisional attachment on the assets of the Corporate Debtor. The provisional attachment was done vide order dated 12.12.2019. The liquidator sought the release of the attachment so that the properties forming the liquidation estate of the Corporate Debtor could be sold in accordance with the IBC provisions. The Deputy Director, Enforcement Directorate, opposed the application, contending that the attachment was issued under Section 5 of the Prevention of Money Laundering Act (PMLA),
…M/s Packwell (India) Pvt. Ltd. is the operational creditor. Emgee Cables and Communications Limited is the corporate debtor. Satyendra P. Khorania is the liquidator of Emgee Cables and Communications Limited. The Deputy Director, Directorate of Enforcement, Jaipur Zonal Office, had provisionally attached the assets of Emgee Cables vide order dated 12.12.2019 under the Prevention of Money Laundering Act (PMLA), 2002. The liquidator filed an application before the NCLT under Section 35(1)(n) and 60(5) read with Section 238 of the IBC, 2016, seeking the release of the attached assets so that they could be included in the liquidation estate and sold to realize value for creditors. The Deputy Director opposed the application, arguing that the attachment was valid under the
…Insolvency proceedings…
The Deputy Director, Directorate of Enforcement,…