This batch of appeals originated from orders by the NCLAT, Chennai bench, which upheld the NCLT's decision to decline jurisdiction over challenges to provisional attachment orders issued under the Prohibition of Benami Property Transactions Act, 1988 (Benami Act). The case involves corporate debtors, M/s Padmaadevi Sugars Ltd. and M/s Senthil Papers and Board Pvt. Ltd., whose promoters allegedly engaged in benami transactions by transferring 100% shareholding to V.K. Sasikala for Rs. 450 Crores in demonetised currency. Following investigations, provisional attachment orders were issued under the Benami Act. Subsequently, the corporate debtors entered Corporate Insolvency Resolution Proceedings (CIRP) and later liquidation. The appellant-liquidators challenged these
…The present batch of appeals arises out of impugned judgments and orders dated 18.08.2022 and 13.03.2023 passed by the National Company Law Appellate Tribunal, Chennai bench (NCLAT).
The NCLAT declined to interfere with the decision of the National Company Law Tribunal (NCLT) and refused to adjudicate the appellant-liquidators' applications challenging provisional attachment orders under the Benami Act.
The NCLT and NCLAT concurrently held that the NCLT lacks jurisdiction to entertain such challenges and that the remedy lies exclusively before the competent forum constituted under the Benami Act.
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Asset purchases made during November-December…
Search and seizure operation conducted under…
This batch of appeals originated from orders by the NCLAT, Chennai bench, which upheld the NCLT's decision to decline jurisdiction over challenges to provisional attachment orders issued under the Prohibition of Benami Property Transactions Act, 1988 (Benami Act). The case involves corporate debtors, M/s Padmaadevi Sugars Ltd. and M/s Senthil Papers and Board Pvt. Ltd., whose promoters allegedly engaged in benami transactions by transferring 100% shareholding to V.K. Sasikala for Rs. 450 Crores in demonetised currency. Following investigations, provisional attachment orders were issued under the Benami Act. Subsequently, the corporate debtors entered Corporate Insolvency Resolution Proceedings (CIRP) and later liquidation. The appellant-liquidators challenged these
…The present batch of appeals arises out of impugned judgments and orders dated 18.08.2022 and 13.03.2023 passed by the National Company Law Appellate Tribunal, Chennai bench (NCLAT).
The NCLAT declined to interfere with the decision of the National Company Law Tribunal (NCLT) and refused to adjudicate the appellant-liquidators' applications challenging provisional attachment orders under the Benami Act.
The NCLT and NCLAT concurrently held that the NCLT lacks jurisdiction to entertain such challenges and that the remedy lies exclusively before the competent forum constituted under the Benami Act.
…Asset purchases made during November-December…
Search and seizure operation conducted under…