Interim lifting of attachment allowed for liquidation sale, with sale proceeds retained and kept subject to further attachment.

Interim lifting of an attachment over liquidation assets was permitted to allow sale of the properties, while preserving the Enforcement Directorate's claim over the sale proceeds. The court did not decide the rival merits of the insolvency and enforcement claims, but granted interim protection to avoid stalling liquidation. The liquidator was required to disclose the sale particulars, keep the agency informed, and retain the proceeds so they remained subject to further attachment.

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Issues: Whether interim lifting of the attachment ordered by the Enforcement Directorate could be granted to facilitate sale of the liquidation assets, while safeguarding the sale proceeds pending further proceedings.

Analysis: The petitioner, acting as liquidator, stated that the attachment was preventing continuation of liquidation proceedings. The request was considered in the context of competing claims arising from insolvency proceedings and enforcement action. Without entering into the merits of the rival legal contentions, interim protection was considered appropriate to enable the sale of the properties, while preserving the Enforcement Directorate's claim over the sale proceeds and requiring disclosure of the sale details.

Outcome: Interim direction issued lifting the attachment on the properties subject to liquidation for the purpose of sale, with the condition that the sale proceeds be retained and remain liable to attachment, and that the Enforcement Directorate be kept informed.

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