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Insolvency and BankruptcyAugust 16, 2024Case LawsAT
Section 32A of the IBC provides immunity to the Corporate Debtor and its assets after approval of the Resolution Plan, overriding powers under PMLA. The legislature intended to grant a clean slate to the new management. The Adjudicating Authority erred in not extending Section 32A(2) benefit to the Resolution Applicant, lifting the attachment by the Enforcement Directorate over the Corporate Debtor's assets. The NCLAT relied on Supreme Court and High Court judgments upholding Section 32A's legislative scheme and the NCLT's jurisdiction to adjudicate on release of attachments. The appeal was allowed, granting relief to the Resolution Applicant.
Section 32A of the IBC provides immunity to the Corporate Debtor and its assets after approval of the Resolution Plan, overriding powers under PMLA. The legislature intended to grant a clean slate to the new management. The Adjudicating Authority erred in not extending Section 32A(2) benefit to the Resolution Applicant, lifting the attachment by the Enforcement Directorate over the Corporate Debtor's assets. The NCLAT relied on Supreme Court and High Court judgments upholding Section 32A's legislative scheme and the NCLT's jurisdiction to adjudicate on release of attachments. The appeal was allowed, granting relief to the Resolution Applicant.
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