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HC set aside Single Judge's order vacating interim stay and confirmed interim order restraining NCLT's vacation of attachment orders under PMLA 2002. Court held NCLT, being tribunal of limited jurisdiction under IB Code 2016, lacks authority to nullify attachment orders confirmed by adjudicating authority under PMLA 2002, which constitutes self-contained code with specific appellate mechanism. Section 238 overriding clause of IB Code cannot confer jurisdiction on NCLT to vacate PMLA attachment orders, particularly when such orders remain under challenge before PMLA Appellate Tribunal with existing status quo directions. Single Judge erred by not considering jurisdictional challenge and failed to maintain status quo pending final adjudication on merits. Appeal allowed.
HC set aside Single Judge's order vacating interim stay and confirmed interim order restraining NCLT's vacation of attachment orders under PMLA 2002. Court held NCLT, being tribunal of limited jurisdiction under IB Code 2016, lacks authority to nullify attachment orders confirmed by adjudicating authority under PMLA 2002, which constitutes self-contained code with specific appellate mechanism. Section 238 overriding clause of IB Code cannot confer jurisdiction on NCLT to vacate PMLA attachment orders, particularly when such orders remain under challenge before PMLA Appellate Tribunal with existing status quo directions. Single Judge erred by not considering jurisdictional challenge and failed to maintain status quo pending final adjudication on merits. Appeal allowed.
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