# In the matter of Rotomac Global Pvt. Ltd. (Anil Goel, Liquidator Vs. Ramanjit Kaur Sethi, Dy. Director)

> NCLT judgment dated 2018-09-14. Citation: TCN-2018-NCLT-00750. The case involves an application filed by the liquidator, Mr. Anil Goel, appointed for M/s.…

- **Court:** NCLT
- **Order date:** 14 Sept 2018
- **Citation:** TCN-2018-NCLT-00750
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rotomac-global-pvt-ltd-anil-goel-liquidator-vs-ramanjit-kaur-sethi-dy-director-b541b0c8

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether Provisional Attachment Order by the Directorate of Enforcement under PMLA is violative of …

**Ratio:** The legal principle at play is the conflict between the IBC, which aims to consolidate

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**Reasoning:** The court considered arguments from both sides. The applicant argued that the IBC, being

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**Interpretation:** The interpretation involves determining whether the attachment of properties

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**Application:** The court applied the arguments and principles to the specific facts, noting

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## Parties

- **Judges:** SH. V.P.…; Ms Saroj R…
- **Appellants:** Mr Anil…
- **Respondents:** Rotomac Global…; Ms Ramanjit Kaur…

## Timeline

- **2017-08-24 — Tribunal…**: Tribunal appointed Mr.…
- **2018-05-28 — Provisional Attachment…**: Deputy Director, Directorate of Enforcement, issued Provisional Attachment Order No.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(1) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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