Benami Act is a self-contained statutory code providing for...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets as estate property.
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Benami Act is a self-contained statutory code providing for identification, provisional attachment, adjudication and confiscation of benami property, and its adjudicatory hierarchy has exclusive jurisdiction over such matters; therefore insolvency forums under the IBC cannot re-open or determine the legality of Benami Act attachments. Property held benami is not beneficially owned by the corporate debtor and thus falls outside the liquidation estate; moratorium under the IBC does not obstruct sovereign attachment proceedings. Attempts to challenge Benami Act orders before IBC tribunals amount to abuse of process and are not a lawful route for creditors or debtors.
Benami Act is a self-contained statutory code providing for identification, provisional attachment, adjudication and confiscation of benami property, and its adjudicatory hierarchy has exclusive jurisdiction over such matters; therefore insolvency forums under the IBC cannot re-open or determine the legality of Benami Act attachments. Property held benami is not beneficially owned by the corporate debtor and thus falls outside the liquidation estate; moratorium under the IBC does not obstruct sovereign attachment proceedings. Attempts to challenge Benami Act orders before IBC tribunals amount to abuse of process and are not a lawful route for creditors or debtors.
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