29/11/2024

NCLT, having derived its powers under the IBC, has no jurisdiction per se to decide on an order passed by the Adjudicating Authority under PMLA and to direct the ED to release attachment unless Section 32A of the Code is triggered – DSK Motors Pvt. Ltd. Vs. Deputy Director Directorate of Enforcement – NCLT Mumbai Bench

/ 5 minutes of reading

Hon’ble NCLT Mumbai Bench held that:
(i) This Tribunal, having derived its powers under the I&B Code, has no jurisdiction per se to decide on an order passed by the Adjudicating Authority under PMLA and to direct the ED to release attachment unless Section 32A of the Code is triggered.
(ii) Unless the pre-requisites under section 32A of the Code is fulfilled, there is no impediment to the ED or the Adjudicating Authority under PMLA to go ahead with the proceedings under PMLA.
(iii) Judgment passed by Hon’ble Bombay High Court in Mr. Shiv Charan & Ors. Vs. Adjudicating Authority under PMLA & Anr. (2024) ibclaw.in 154 HC is distinguishable since the observations made therein pertain to a circumstance where resolution plan was approved by the Adjudicating Authority.

NCLT, having derived its powers under the IBC, has no jurisdiction per se to decide on an order passed by the Adjudicating Authority under PMLA and to direct the ED to release attachment unless Section 32A of the Code is triggered – DSK Motors Pvt. Ltd. Vs. Deputy Director Directorate of Enforcement – NCLT Mumbai Bench Read Post »

Is Operational Creditor being a sole proprietorship, represented by its Proprietor, entitled to file insolvency petition? Does a security deposit generating annual interest not qualify as an Operational Debt within the definition of Section 5(21) of the IBC? – Binod Textiles Vs. JBS Clothing Company Ltd. – NCLT Mumbai Bench

/ 4 minutes of reading

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Is Operational Creditor being a sole proprietorship, represented by its Proprietor, entitled to file insolvency petition? Does a security deposit generating annual interest not qualify as an Operational Debt within the definition of Section 5(21) of the IBC? – Binod Textiles Vs. JBS Clothing Company Ltd. – NCLT Mumbai Bench Read Post »

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