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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
A.S.GADKARI, SHYAM C.CHANDAK
Dulisons Cereals, Through its proprietor Smt. Kanta Gupta – Appellant
Versus
State of Maharashtra, (Through Competent Authority appointed under the MPID Act, 1999) – Respondent
| Table of Content |
|---|
| 1. appeal seeks stay of mpid attachment via ibc moratorium (Para 1 , 2 , 3 , 4) |
| 2. trial court rejects stay absent debtor-creditor relationship (Para 5 , 6 , 7) |
| 3. ibc non-obstante clause argued to override mpid (Para 8 , 9) |
| 4. nsel scam involves malafide investor fund transfers (Para 10) |
| 5. ibc section 96 imposes interim moratorium on debts (Para 11 , 12) |
| 6. no repugnancy between mpid (state list) and ibc (Para 13 , 14) |
| 7. mpid attachment not 'debt'; moratorium inapplicable (Para 15 , 16) |
| 8. stay causes prejudice to defrauded investors (Para 17 , 18) |
| 9. mpid enables non-conviction civil forfeiture (Para 19) |
| 10. appeal dismissed with costs for dilatory tactics (Para 20 , 21 , 22 , 23 , 24 , 25) |
JUDGMENT :
SHYAM C. CHANDAK, J.
1) Present Appeal filed under Section 11 of The Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 (for short ‘MPID Act’) impugning the Order dated 4th November 2023, passed by the learned Special Judge (MPID), City Civil & Sessions Court, Gr. Bombay, thereby, rejecting the Application at Exh.11, in Misc. Application No.151/2020 (for short ‘MA/151/2020’), in MPID Special Case No.1/2014, seeking quashing and setting asi
IBC Section 96 moratorium does not stay MPID Act Section 8 attachments of malafide transferred investor funds, absent debtor-creditor tie and due to distinct legislative fields with no repugnancy.
The court upheld the attachment of properties under the KPIDFE Act, emphasizing the necessity to protect depositors' interests despite the appellants' claims of procedural impropriety and lack of com....
The Insolvency and Bankruptcy Code's moratorium precludes enforcement actions under the Prevention of Money Laundering Act, as both statutes serve distinct legislative purposes without infringing on ....
The MPIDFE Act allows for the attachment of property to protect the interests of depositors, regardless of when the property was acquired. The affidavit filed by the competent authority complied with....
Duping of public and financial fraud – Non-making out of offences under IPC cannot be equated with non-applicability of provisions of any specific law.
Applicants misrepresented loan transactions, which did not constitute 'deposits' under the MPID Act, thus the FIR was partially quashed.
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