2020 (1) TMI 1539 - HC - Money Laundering

Continuation of attachment order, when Corporate Debtor proceeds for Liquidation - whether National Company Law Tribunal (NCLT) is to consider the application for proceeding the Corporate Debtor into liquidation? - HELD THAT - The present petition is disposed of granting liberty to the petitioner to move the Appellate Tribunal under the PMLA to seek early consideration of the appeal filed by the petitioner before it on the order of liquidation of the Corporate Debtor being passed by the NCLT. The application/appeal filed by the petitioner shall be expeditiously considered by the Appellate Tribunal preferably within a period of eight weeks of moving such application. Petition disposed off.

Summary

The Delhi High Court granted the petitioner liberty to move the Appellate Tribunal under the PMLA for early consideration of the appeal filed regarding liquidation of the Corporate Debtor. The Appellate Tribunal should consider the appeal within eight weeks. The Court did not express any opinion on the merits of the submissions. No costs were awarded.