https://www.taxtmi.com/caselaws?id=299199 The text addresses the interaction between the MPID Act attachment regime and a corporate insolvency resolution process under the Insolvency and Bankruptcy Code. It states that, once the NCLT admitted insolvency proceedings, the Interim Resolution Professional was entitled under sections 17 and 18 of the IBC to take control of the corporate debtor's assets and carry out statutory insolvency functions. Relying on the non obstante clauses in section 238 of the IBC and section 14 of the MPID Act, the court noted that no further orders could be passed under the MPID Act in relation to the attached properties and that the insolvency process would proceed with those assets. The attached movable and immovable assets were directed to be handed over, and the Competent Authority was directed to file and represent depositor claims before the IRP. en-us Fri, 18 Aug 2017 00:00:00 +0530 Mon, 06 Dec 2021 20:58:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299199 The text addresses the interaction between the MPID Act attachment regime and a corporate insolvency resolution process under the Insolvency and Bankruptcy Code. It states that, once the NCLT admitted insolvency proceedings, the Interim Resolution Professional was entitled under sections 17 and 18 of the IBC to take control of the corporate debtor's assets and carry out statutory insolvency functions. Relying on the non obstante clauses in section 238 of the IBC and section 14 of the MPID Act, the court noted that no further orders could be passed under the MPID Act in relation to the attached properties and that the insolvency process would proceed with those assets. The attached movable and immovable assets were directed to be handed over, and the Competent Authority was directed to file and represent depositor claims before the IRP. Case-Laws Companies Law Fri, 18 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299199