Provisional attachment and resolution process: control of attached corporate debtor property directed to pass to the successful resolution applicant.

Control of provisionally attached properties of a corporate debtor was directed to be handed over to the successful resolution applicant under Section 8(8) of the Prevention of Money Laundering Act, 2002 read with Rule 3A of the Prevention of Money Laundering (Restoration of Property) Rules, 2016, with the appellant required to hand over possession and the resolution applicant to take it over. The SC expressly declined to express any opinion on the interpretation of Section 32A(2) of the Insolvency and Bankruptcy Code, 2016 or on the Enforcement Directorate's power to attach corporate debtor property. All appeals were disposed of on that basis.

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Issues: Handing over of control of provisionally attached properties of the corporate debtor to the successful resolution applicant, and the effect of the order on the pending legal questions under the insolvency and money-laundering statutes.

Outcome: By consensus, the appellant was directed to hand over, and the successful resolution applicant was directed to take over, control of the provisionally attached properties under Section 8(8) of the Prevention of Money Laundering Act, 2002 read with Rule 3A of the Prevention of Money Laundering (Restoration of Property) Rules, 2016. The Court expressly stated that it was not expressing any opinion on the interpretation of Section 32A(2) of the Insolvency and Bankruptcy Code, 2016 or on the Enforcement Directorate's power to attach the corporate debtor's property, and all appeals were disposed of accordingly.

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