9911796707
TMI Blog2018 (9) TMI 1478X X X X Extracts X X X X X X X X Extracts X X X X ..... rcement, New Delhi to described in the list attached to this petition - Held that:- The Court established under PMLA Act being a criminal Court can only decide whether the properties attached during investigation from possession of the Corporate Debtor could be said to be the properties acquired by them using proceeds of crime. It is for this Tribunal to decide as to how the properties and assets ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... B Code) seeking orders against the Directorate of Enforcement, New Delhi to release the attachment of the assets of the Corporate Debtor described in the list attached to this petition. 2. It is stated that the Directorate of the Enforcement, Delhi Zonal Office-II during investigation of the crime bearing 802/2017 under the provisions of Prevention of Money Laundering Act registered against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may be rejected. 4. I heard the Ld. Pr.CS for the Liquidator and the Ld. Counsel appearing on behalf of the Enforcement Directorate, New Delhi. Section 238 of Insolvency Bankruptcy Code states that, The provisions of this Code shall have effect, notwithstanding anything inconsistent therewith contained in any other law for the first time being in force or any instrument having effect by v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nefited under the provisions of said MPID Act, which would result in great mischief. 5. The above ruling completely raises the controversy herein. Only difference is that in that proceedings, the properties were attached under the MPID Act. In this case, they are attached under the PMLA Act. Ultimately this proceeding under the I B Code arising out of the dispute to be resolved under the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hand over the possession of attached properties of the Corporate Debtor under liquidation to the Liquidator, which he has attached by Order no.04/2018 dated 21.02.2018 along with the title deeds. CA (IB) No. 453/KB/2018 is allowed and disposed of accordingly. Registry is hereby directed to communicate the order to the Corporate Corporate Debtor, Liquidator, Operational Creditor and to the Di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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