2019 (12) TMI 1673 - SCH - Insolvency and Bankruptcy

Jurisdiction - power of 'Directorate of Enforcement' to attach the property of the 'Corporate Debtor' or part thereof - CIRP process undergoing - Operational Creditor or not - Proceeds of crime - it was held by NCLAT that The Director, Deputy Director and other officers of 'Directorate of Enforcement' are prohibited from attachment of any property of the 'Corporate Debtor' (Bhushan Power and Steel Limited) without prior approval of this Appellate Tribunal. HELD THAT - Issue notice returnable in February, 2020. In the meantime, there shall be stay of Provisional Attachment Order No.11/19 dated 10.10.2019 passed by the Directorate of Enforcement (ED).

Summary

The Supreme Court ordered a stay on the Provisional Attachment Order No.11/19 dated 10.10.2019 passed by the Directorate of Enforcement (ED). Notice issued returnable in February 2020. Key legal representatives included Dr. Abhishek Manu Singhvi for the Petitioner and Mr. Kapil Sibal for the Respondent.