Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
Broker trading-system "technical glitch" redefinition and narrowed incident-reporting regime for large IBT/STWT brokers requiring 2-hr notice and 14-w...
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Section 32A(2) of the IBC bars attachment or other action against a corporate debtor's property for offences committed before commencement of insolvency, and the statutory explanation expressly includes attachment within the prohibited action. Where the corporate debtor had already entered liquidation before the provisional attachment order was issued, the later attachment could not be sustained. The tribunal therefore treated both the provisional attachment order and its confirmation as contrary to Section 32A(2) and set them aside, holding that the property of the liquidating corporate debtor was immune from such post-liquidation attachment.
Section 32A(2) of the IBC bars attachment or other action against a corporate debtor's property for offences committed before commencement of insolvency, and the statutory explanation expressly includes attachment within the prohibited action. Where the corporate debtor had already entered liquidation before the provisional attachment order was issued, the later attachment could not be sustained. The tribunal therefore treated both the provisional attachment order and its confirmation as contrary to Section 32A(2) and set them aside, holding that the property of the liquidating corporate debtor was immune from such post-liquidation attachment.
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