NITIN JAIN LIQUIDATOR PSL LIMITED Vs. ENFORCEMENT DIRECTORATE

JUDGEMENT

(1.) For the purposes of convenience and ease of reference, this judgment is being divided into the following Sections detailed below:-

(2.) It appears that the Liquidator was compelled to approach this Court upon a receipt of summons issued by the respondent who was investigating the affairs of the corporate debtor under the provisions of the PMLA. When the petition initially came up for consideration before the Court on 17 March 2021, a learned Judge upon hearing counsels for respective parties proceeded to pass the following order: -

(3.) The learned Judge noted the undisputed fact that although investigation was continuing under the PMLA, no provisional order of attachment had been issued against the corporate debtor. The Court accordingly proceeded to place the impugned e-mail and communications addressed by the respondent to the Liquidator in abeyance. While permitting the petitioner to continue with the liquidation process, it further provided that the proceeds received from any sale of movable or immovable assets of the corporate debtor which may be disposed of by the Liquidator shall be placed in a separate bank account and an affidavit be filed before this Court with respect to the amounts that may be received. The Court further provided that the question of whether the movable or immovable assets and their sale during the liquidation process would be permissible under Sec. 32A of the IBC, would be taken up for consideration further.