The case involves an application filed by the liquidator, Mr. Anil Goel, appointed for M/s. Rotomac Global Private Limited, under Section 35(1)(n) of the Insolvency and Bankruptcy Code (IBC), 2016. The liquidator seeks directions against the Deputy Director, Directorate of Enforcement, regarding the de-attachment and restoration of properties attached through a Provisional Attachment Order (PAO). The Respondent issued Provisional Attachment Order No. 08/2018 dated 28.05.2018 under the Prevention of Money Laundering Act (PMLA), attaching properties that are part of the liquidation estate, claiming they are proceeds of crime, irrespective of when they were purchased. The liquidator contends that the PAO violates Section 33(5) read with Section 238 of the IBC, 2016.
Mr. Anil Goel, the liquidator for M/s. Rotomac Global Private Limited, filed an application under Section 35(1)(n) of the Insolvency and Bankruptcy Code (IBC), 2016. The Deputy Director, Directorate of Enforcement, issued Provisional Attachment Order No. 08/2018 dated 28.05.2018 under the Prevention of Money Laundering Act (PMLA), attaching properties of Rotomac Global Private Limited. The Directorate of Enforcement claimed the properties were proceeds of crime, irrespective of when they were purchased. Rotomac Global Private Limited had been sanctioned Non-Fund Based and Fund Based limits of Rs. 2129.00 Crores under a consortium of 7 Banks, with an outstanding amount of Rs. 2919.39 Cr. Investigations revealed misappropriation/diversion of bank funds, criminal breach
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Tribunal appoi…
Deputy Director, Directorate of Enforcement,…
The case involves an application filed by the liquidator, Mr. Anil Goel, appointed for M/s. Rotomac Global Private Limited, under Section 35(1)(n) of the Insolvency and Bankruptcy Code (IBC), 2016. The liquidator seeks directions against the Deputy Director, Directorate of Enforcement, regarding the de-attachment and restoration of properties attached through a Provisional Attachment Order (PAO). The Respondent issued Provisional Attachment Order No. 08/2018 dated 28.05.2018 under the Prevention of Money Laundering Act (PMLA), attaching properties that are part of the liquidation estate, claiming they are proceeds of crime, irrespective of when they were purchased. The liquidator contends that the PAO violates Section 33(5) read with Section 238 of the IBC, 2016.
Mr. Anil Goel, the liquidator for M/s. Rotomac Global Private Limited, filed an application under Section 35(1)(n) of the Insolvency and Bankruptcy Code (IBC), 2016. The Deputy Director, Directorate of Enforcement, issued Provisional Attachment Order No. 08/2018 dated 28.05.2018 under the Prevention of Money Laundering Act (PMLA), attaching properties of Rotomac Global Private Limited. The Directorate of Enforcement claimed the properties were proceeds of crime, irrespective of when they were purchased. Rotomac Global Private Limited had been sanctioned Non-Fund Based and Fund Based limits of Rs. 2129.00 Crores under a consortium of 7 Banks, with an outstanding amount of Rs. 2919.39 Cr. Investigations revealed misappropriation/diversion of bank funds, criminal breach
…Tribunal appoi…
Deputy Director, Directorate of Enforcement,…