IBC Authority Inappropriate for Revocation of Attachment under PMLA: NCLT

Palaniappan Vs Joint Director (NCLT Chennai) The case of Palaniappan Vs Joint Director (NCLT Chennai) raises significant jurisdictional questions regarding the appropriateness of the Adjudicating Authority under the Insolvency and Bankruptcy Code (IBC) to decide on the revocation of attachments made by the Enforcement Directorate (ED) during the Corporate Insolvency Resolution Process (CIRP). This article delves into the details of the case and analyzes the NCLT judgment on the matter. Detailed Analysis The applicant, the Liquidator of M/s. Nathella Sampath Jewelry Private Limited, sought rel...