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NATIONAL COMPANY LAW TRIBUNAL
DR. VENKATA RAMAKRISHNA BADARINATH NANDULA, MEMBER (JUDICIAL), SH. CHARAN SINGH, MEMBER (TECHNICAL)
M/s. G S Biotech Limited – Appellant
Versus
State Bank of India – Respondent
| Table of Content |
|---|
| 1. corporate debtor can manage assets even during pmla attachment. (Para 1 , 3 , 7) |
| 2. cirp initiation triggers legal obligations despite asset attachment. (Para 2 , 5 , 6) |
| 3. financial creditor's interest and resolution process must be compatible. (Para 4 , 10 , 12) |
ORDER
1. This is an application filed by the ‘Enforcement Directorate, Hyderabad Zone’ (hereinafter referred as ‘Applicant’) under Section 60 (5) of ‘The Insolvency and Bankruptcy Code, 2016 ’ (hereinafter referred as ‘IBC') read with Rule 11 of The National Company Law Tribunal Rules, 2016 against the Resolution Professional of M/s. G.S. Biotech Limited seeking the following reliefs:
i. Allow the Applicant herein to be impleaded in the C.P. (IB) No. 335/7/HDB/2022 and direct the Respondent to provide the Applicant i.e., Directorate of Enforcement, Hyderabad Zone with copies of all relevant/required documents
ii. Exclude the properties attached by the Applicant under PMLA from the IM and purview of CIRP.
iii. Consequently, provide an opportunity to the Applicant herein to submit its contentions elaborately pertaining to the properties of CD that are attached under the PAO.
2. The core contention of the applic
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