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Insolvency and BankruptcyApril 18, 2022Case LawsTri
Provisional Attachment - general principle for construction - Prohibition of Benami Property Transaction Act, 1988 - Section 32A of I & B Code - As there is nothing to stop the Applicant/Liquidator herein to proceed under the relevant provision to revive the provisional attachment. And that, this Adjudicating Authority having not found any conflict between the two statutes as there is no bar in selling the property of the Corporate Debtor solely on the ground that the Corporate Debtor is under Liquidation. And that the Liquidator is also not barred by the code to add the said property into the liquidation estate. - Tri
Provisional Attachment - general principle for construction - Prohibition of Benami Property Transaction Act, 1988 - Section 32A of I & B Code - As there is nothing to stop the Applicant/Liquidator herein to proceed under the relevant provision to revive the provisional attachment. And that, this Adjudicating Authority having not found any conflict between the two statutes as there is no bar in selling the property of the Corporate Debtor solely on the ground that the Corporate Debtor is under Liquidation. And that the Liquidator is also not barred by the code to add the said property into the liquidation estate. - Tri
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