2020 (9) TMI 700

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.... to set aside MPID notification No. MPI.0112/CR-14/POL-12 dated 1st February, 2012 issued by State of Maharashtra under the provisions of Maharashtra Protection of Interest of Depositors Act, 1999 through the Respondents with respect to Shop No. 21, Ground Floor, Bonanza Arcade, Amboli, S. V. Road, Andheri admeasuring approximately 150 sq. ft. build-up area and to allow the Application to take possession thereof; b. That this Hon'ble Tribunal may be pleased to direct the Respondents to release and remove its seal and lock from immovable assets owned by the Corporate debtor, namely, (i) shop No. 22, Ground Floor, Bonanza Arcade, Amboli, S. V. Road, Andheri admeasuring approximately 150 sq. ft. build-up area, (ii) shop No. 10-A, Grou....

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....the attachment of the Corporate Debtor's properties was objected to and release of the same was sought for. The Respondents have not replied to the Applicants letter nor have they released the attachment order/ sealing of immovable properties of the Corporate Debtor. 4. The MPID notification dated 01.02.2012 attached the property of the Corporate Debtor at Item No. 4 in the schedule of properties listed Shop No. 21 and the names of the owners were recorded. A final report formed of the Special Designated Court of Sessions, Mumbai, content the list of properties sealed wherein shop No. 22, shop no. 10-A Sop No. 21 and Plot No. 53 were thus sealed by Police Juhu, Mumbai. The copies of attachment order and the final report of the Mumbai Pol....

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....rther in view of the judgement of Supreme Court in the case of Innovative Industries Ltd. V. ICICI Bank Ltd and Anr. (2018) 1 SCC 407, it was held that pursuant to the moratorium the liabilities of the appellant were temporarily suspended for a period of 1 year and held that the insolvency Code is a parliamentary law that is an exhaustive Code in the matter of Insolvency of Corporate Entities and therefore the earlier state law is repugnant to the later parliamentary enactment. a) It was observed that the Maharashtra Act cannot stand in the way of Corporate Insolvency Resolution Process under 2016 Insolvency Code, in view of Article 254 of the constitution of India which states that the law made by the parliament and legislature of....

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....that state- however, here also the state law must give way to any subsequent Parliamentary law which adds to amends varies or repeals the law made by the legislature of the state, by virtue of the operation of Art. 254 (2) proviso. c) Constitution of India - Art. 254- Laws made by Parliament and legislature of State- when; even in the absence of a direct conflict ,are repugnant- test of implied repeal- applicability if Held, the test applied in such cases is based on the principles on which the rule of implied repeal rests, namely, that if the subject-matter of the State legislation or part thereof is identical with that of the Parliamentary legislation, so that they cannot both stand together, then the State legislation will be sa....

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....es in the Radisson Blue Hotel have further been attached. The attachment from the bank account as well as from the Radisson Blue Hotel is deemed to have come to an end on 01.02.2019. 11. The assets of the Corporate Debtor have been wrongly attached vide MPID order dated 01.02.2012. The MPID order sought to attach the properties of Dhanlaxmi cooperative society and the name of the Corporate Debtor is not notified in the MPID notification, but the properties of the Corporate Debtor have been attached and sealed. Further due to illegal attachment of properties, the resolution professional could not take control of the said properties, appoint valuer etc. to perform his duties under the I&B code. In view of the above facts and the judgement ....