https://www.taxtmi.com/caselaws?id=421116 The Tribunal dismissed the applications seeking interim stay and setting aside of Provisional Attachment Orders and Assessment Orders. It ruled that challenges under the Benami Act and Income Tax Act should be addressed in the respective forums, not the NCLT. The Tribunal clarified the limited jurisdiction of NCLT under Section 60(5) of the IBC and emphasized the inapplicability of Section 32A immunity due to the absence of a CoC-approved resolution plan. It upheld the validity of the Provisional Attachment Orders under the Benami Act, concluding no conflict between the IBC and the Benami Act. en-us Tue, 29 Mar 2022 00:00:00 +0530 Mon, 18 Apr 2022 08:08:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421116 The Tribunal dismissed the applications seeking interim stay and setting aside of Provisional Attachment Orders and Assessment Orders. It ruled that challenges under the Benami Act and Income Tax Act should be addressed in the respective forums, not the NCLT. The Tribunal clarified the limited jurisdiction of NCLT under Section 60(5) of the IBC and emphasized the inapplicability of Section 32A immunity due to the absence of a CoC-approved resolution plan. It upheld the validity of the Provisional Attachment Orders under the Benami Act, concluding no conflict between the IBC and the Benami Act. Case-Laws Insolvency and Bankruptcy Tue, 29 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421116