https://www.taxtmi.com/caselaws?id=770387 The Calcutta HC quashed FEMA notices issued against a corporate debtor undergoing liquidation under IBC. The court held that IBC provisions, particularly the moratorium under Sections 14 and 33(5), override FEMA proceedings. Despite FEMA proceedings commencing in 2016 before CIRP initiation in 2018, Section 14 prohibits continuation of pending proceedings against corporate debtors. The court relied on Section 238's non-obstante clause and SC precedent establishing IBC's overriding effect over other statutes. However, proceedings may continue against individual directors/officers if personally liable. en-us Wed, 16 Apr 2025 00:00:00 +0530 Sat, 10 May 2025 08:36:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770387 The Calcutta HC quashed FEMA notices issued against a corporate debtor undergoing liquidation under IBC. The court held that IBC provisions, particularly the moratorium under Sections 14 and 33(5), override FEMA proceedings. Despite FEMA proceedings commencing in 2016 before CIRP initiation in 2018, Section 14 prohibits continuation of pending proceedings against corporate debtors. The court relied on Section 238's non-obstante clause and SC precedent establishing IBC's overriding effect over other statutes. However, proceedings may continue against individual directors/officers if personally liable. Case-Laws IBC Wed, 16 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770387