https://www.taxtmi.com/caselaws?id=399615 Attachment of a corporate debtor's assets under the MPID Act could not be sustained where the entity was not a financial establishment and the insolvency framework required the resolution professional to take control and custody of the assets as a going concern. The IBC's non-obstante clause prevailed over inconsistent state law to the extent necessary for insolvency administration and value maximisation. As the foundation for the MPID attachment had failed, the attachment was treated as invalid and the resolution professional was allowed to proceed with the corporate debtor's assets under the IBC. en-us Mon, 18 May 2020 00:00:00 +0530 Tue, 05 Nov 2024 12:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399615 Attachment of a corporate debtor's assets under the MPID Act could not be sustained where the entity was not a financial establishment and the insolvency framework required the resolution professional to take control and custody of the assets as a going concern. The IBC's non-obstante clause prevailed over inconsistent state law to the extent necessary for insolvency administration and value maximisation. As the foundation for the MPID attachment had failed, the attachment was treated as invalid and the resolution professional was allowed to proceed with the corporate debtor's assets under the IBC. Case-Laws IBC Mon, 18 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399615