Insolvency and Bankruptcy Code

IMMUNITY TO THE RESOLUTION APPLICANT UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016: A WELCOME STEP

Recently, in the matter of JSW Steel Limited V. Mahender Kumar Khandelwal & Ors., Hon’ble NCLAT has provided immunity to resolution applicant to the corporate debtor whose resolution plan has been approved by Committee of Creditor and Adjudicating Authority, against the confiscation of property by the Department of Enforcement. Department of Enforcement in the said matter has contended that the property/assets of the corporate debtor have been acquired by way of proceeds of crime and therefore they are having absolute authority to cease such properties and recover the amount.  In this matter, Hon’ble NCLAT  is of the view that new...

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