Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Auction sale of an attached yacht belonging to the corporate debtor was challenged as violating the moratorium under s.14 IBC and was set aside by the adjudicating authority. Since the magistrate had permitted sale of the attached movable property and the auction was conducted before commencement of CIRP, s.14 IBC was inapplicable and the finding of moratorium breach was legally untenable; the auction was therefore not void. The adjudicating authority also lacked jurisdiction to interfere with an auction conducted pursuant to a criminal court's attachment/sale order, and no further directions were warranted regarding sale proceeds in this appeal; the impugned order was set aside and the appeal allowed. - NCLAT
Auction sale of an attached yacht belonging to the corporate debtor was challenged as violating the moratorium under s.14 IBC and was set aside by the adjudicating authority. Since the magistrate had permitted sale of the attached movable property and the auction was conducted before commencement of CIRP, s.14 IBC was inapplicable and the finding of moratorium breach was legally untenable; the auction was therefore not void. The adjudicating authority also lacked jurisdiction to interfere with an auction conducted pursuant to a criminal court's attachment/sale order, and no further directions were warranted regarding sale proceeds in this appeal; the impugned order was set aside and the appeal allowed. - NCLAT
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