From the date when the NCLT came to approve the sale of the Corporate Debtor as a going concern, the cessation as contemplated under Section 32A of IBC did and would be deemed to have come into effect – Nitin Jain Liquidator PSL Ltd. Vs. Enforcement Directorate – Delhi High Court

The principal question which falls for determination in this writ petition is whether the authorities under the Prevention of Money Laundering Act, 2002, would retain the jurisdiction or authority to proceed against the properties of a corporate debtor once a liquidation measure has come to be approved in accordance with the provisions made in the Insolvency and Bankruptcy Code, 2016.

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