https://www.taxtmi.com/caselaws?id=450355 The Bombay HC held that ED's attachment of corporate debtor's properties must be released following NCLT's approval of resolution plan under Section 32A of IBC, 2016. The court ruled that once the resolution plan was approved, there was no scope for ED's attachment to continue over bank accounts worth Rs. 3,55,298/- and 14 flats valued at Rs. 32,47,55,298/-. NCLT correctly exercised jurisdiction in ordering release of attached properties. ED failed to appeal the approval order within limitation period. The attachment ended by operation of Section 32A on the approval date, though corporate debtor remains obligated to cooperate in ongoing investigation against other accused persons. en-us Fri, 01 Mar 2024 00:00:00 +0530 Mon, 04 Mar 2024 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450355 The Bombay HC held that ED's attachment of corporate debtor's properties must be released following NCLT's approval of resolution plan under Section 32A of IBC, 2016. The court ruled that once the resolution plan was approved, there was no scope for ED's attachment to continue over bank accounts worth Rs. 3,55,298/- and 14 flats valued at Rs. 32,47,55,298/-. NCLT correctly exercised jurisdiction in ordering release of attached properties. ED failed to appeal the approval order within limitation period. The attachment ended by operation of Section 32A on the approval date, though corporate debtor remains obligated to cooperate in ongoing investigation against other accused persons. Case-Laws Insolvency and Bankruptcy Fri, 01 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450355