TaxTMI 
TaxTMI 
2023 (4) TMI 1407
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....erim relief. The prayer is to stay execution and operation of the letter dated 15.12.2021 of Deputy Director Enforcement Directorate, Nagpur and undated notice sent by Assistant Director to the tenants of Empress Mall, Nagpur for payment of lease amount to Deputy Director, Enforcement, Kolkata. Learned counsel for the appellant submitted that the KSL and Industries Ltd. is under the Corporate Insolvency Resolution Process pursuant to the Indian Bankruptcy Code, 2016. The appellant has been appointed as Resolution Professional. He is presently collecting lease amount from the tenants of the Empress Mall and incurring expenditure for its maintenance. By virtue of the orders sought to be stayed, the ED has directed the tenants to pay the leas....
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....ion and therefore while filing reply to the application, all those facts have been disclosed. The application deserves to be dismissed on the aforesaid ground itself. The counsel for the respondents further submitted that the resolution plan has not been approved by the Adjudicating Authority under Section 31 of the Code of 2015, thus, Section 32A has no application to seek immunity from the attachment under PMLA Act of 2002. The finding to this effect has been recorded by the NCLAT in its order while dealing with the issue in reference to Section 31 and 32A of the Code of 2016. The finding recorded therein has not been challenged by the appellant by maintaining appeal before the Apex Court. This Tribunal may not accept the application whe....
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....Enforcement Directorate would collect the rent and incur required amount for proper maintenance of the Mall. In view of the above, the application may be dismissed on the grounds urged by them. We have considered the rival submissions of the learned counsel for the parties and pursued the records. The interim application has been filed to seek restraint order on the execution of a letter dated 15-12-2021 and the undated notice referred in the first Para of this order. The notice was sent to the shopkeepers for deposit of lease amount to the respondents. An application was earlier moved by the appellant before the NCLT, which was dismissed by a detailed order. The appeal thereupon was filed but has been dismissed by NCLAT by its order dated....
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....y bars attachment after approval of 'Resolution Plan' by an 'Adjudicating Authority' of course subject to the requirement of certain conditions being satisfied. In the instant case in hand, admittedly, there is no approval of 'Resolution Plan' till date and as such, it held by this 'Tribunal', that the Appellant cannot press into service the ingredients of Section 32- A(2) of the I & B Code. 92. To put it, in clear and in an unequivocal term, this Tribunal points out that Section 32 A of the I & B Code, 2016 in the present form and content in a cocksure manner will negate the actions i.e. taken to discharge the criminally acquired asset/property in the considered opinion of this 'Tribunal'. Furthermore, such Illgotten/Illegitimate Assets....
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....ey Laundering Act, 2002', the purpose of the Act is to prevent 'Money Laundering' and it deals with confiscation of property derived from or concerned with 'Money Laundering' etc. In fact, 'The prevention of Money Laundering Act, 2002' is to fulfill our Country's obligation in adhering to the United Nations Resolutions and in regard to Assets/Properties being the 'Proceeds of Crime', it takes a 'primacy and precedence' over the 'Insolvency and Bankruptcy Code, 2016' which promotes 'Resolution' as its objective over Liquidation in the considered opinion of this Tribunal'. 97. In the instant case, there is no 'Resolution Plan' as approved by the 'Tribunal' and further no Liquidation Proceedings had ended in the sale of Liquidation Assets o....
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....sclosed and brought to the notice of the Court which is reflected from the order. The information about the possession could not have been furnished by the learned ASG on the first date of hearing in absence of necessary instructions at that stage. The appellant could not dispute that physical possession of the Mall was taken by the ED on 10.11.2021 itself and no interim order against the possession was sought and thereby possession of the property lies with the ED thus there remains no questions to permit collection of lease amount by the original owner or the appellant. In the light of the aforesaid also, we cannot accept the prayer of the appellant for grant of interim order ignoring the possession of the property with the ED and no inte....