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TMI Blog2025 (1) TMI 740X X X X Extracts X X X X X X X X Extracts X X X X ..... ess (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC) - Section 32A of the IBC - HELD THAT:- The Appellant-E.D. is directed to handover and the Respondent successful Resolution Applicant JSW is directed to take over the control of the properties of Corporate Debtor-Bhushan Power and Steel Ltd., provisionally attached vide the order dated 10.10.2019 passed by the E.D., immediately in view of Section 8(8) of the PMLA read with Rule 3A of the said Rules. Appeal disposed off. - HON'BLE MS. JUSTICE BELA M. TRIVEDI And HON'BLE MR. JUSTICE SATISH CHANDRA SHARMA For the Appellant : Mr. Mukesh Kumar Maroria, AOR Mr. Arup Banerjee, AOR Mr. Diwakar Maheshwari, Adv. Mr. Mayank Kshirsagar, AOR Mr. Dhruv Mehta, Sr. Adv. Mr. Sanjay Meh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... visional attachment of the properties as detailed in the Table mentioned therein, of the Corporate Debtor (Bhushan Power and Steel Ltd.), being the proceeds of crime as defined under Section 2(1)(u) of the PMLA, and challenging the impugned judgment dated 14.10.2019 passed by the National Company Law Appellate Tribunal, New Delhi (hereinafter referred to as the NCLAT) in Company Appeal (AT)(Insolvency) No. 957/2019, staying the said order dated 10.10.2019 passed by the E.D. The Civil Appeal No. 3362 of 2020 has been filed by the E.D. against JSW Steel Ltd. and Others, challenging the impugned judgment dated 17.02.2020 passed by the NCLAT in the said Company Appeal(AT)(Insolvency)No.957/2019, approving the Resolution Plan submitted by the su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor. He further submitted that Section 32A came to be inserted in the IBC with effect from 28.12.2019, which did not have the retrospective effect, and hence, in view of the peculiar facts and circumstances of the case and without prejudice to the rights and contentions of the E.D. with regard to the investigation of the case registered against the accused-Promoters of the Corporate Debtor-Bhushan Power and Steel Ltd. and Others, the successful Resolution Applicant be permitted to take control of the attached properties treating the same as the restitution under Section 8(8) of the PMLA read with Rule 3A of the said Rules. 5. The learned senior counsel Mr. Abhishek Manu Singhvi appearing for the CoC and learned senior advocate Mr. Neeraj ..... X X X X Extracts X X X X X X X X Extracts X X X X
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