Nitin Jain Liquidator PSL Limited vs Enforcement Directorate

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2021 Supreme(Del) 2417

YASHWANT VARMA
Nitin Jain Liquidator PSL Limited – Appellant
Versus
Enforcement Directorate – Respondent

JUDGMENT

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

PART	TABLE OF CONTENTS	PARAGRAPH NOS.
A	PREFACE	1-3
B	THE BACKGROUND	4-9
C	PETITIONER`S CONTENTIONS	10-12
D	SUBMISSIONS OF THE RESPONDENT DIRECTORATE	13-21
E	THE PRELIMINARY OBJECTION	22-26
F	SUBMISSIONS OF THE SECURED CREDITORS	27-32
G	SUBMISSIONS OF LUCKY HOLDINGS	33-34
H	SCHEME OF THE IBC	35-39
I	SECTION 32A AND THE LEGISLATIVE INTENT	40-51
J	LIQUIDATION UNDER THE IBC	52-61
K	STATUTORY PROVISIONS UNDER PMLA	62-72
L	ISSUE OF PRIMACY	73-88
M	THE RESOLUTION AND LIQUIDATION CAUSEWAYS	89-94
N	SECTION 32A AND THE DEFINING MOMENT	95-98
O	ANCILLARY ISSUES	99-100
P	SUMMATION	101
Q	OPERATIVE DIRECTIONS	102

A. PREFACE

1. The principal question which falls for determination in this writ petition is whether the authorities under the Prevention of Money Laundering Act, 2002 [PMLA], would retain the jurisdiction or authority to proceed against the properties of a corporate debtor once a liquidation measure has come to be approved in accordance with the provisions made in the Insolvency and Bankruptcy Code, 2016 [IBC]. The Petitioner is the Liquidator appointed by the National Company Law Tribunal [NCLT] [the Adju

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2021 Supreme(Del) 2417

YASHWANT VARMANitin Jain Liquidator PSL Limited – AppellantVersusEnforcement Directorate – Respondent

YASHWANT VARMA
Nitin Jain Liquidator PSL Limited – Appellant
Versus
Enforcement Directorate – Respondent