NCLT Lacks Jurisdiction to Order ED to Defreeze Accounts Frozen Under PMLA

Shimping Technology Pvt Ltd Vs Foxdom Technologies Pvt Ltd (NCLT Delhi) The National Company Law Tribunal (NCLT) Delhi addressed an application filed by the Resolution Professional (RP) of Shimping Technology Pvt Ltd, seeking directions to defreeze the Corporate Debtor’s bank account, which was frozen by the Directorate of Enforcement (ED) under the Prevention of Money Laundering Act, 2002 (PMLA). The RP argued that the frozen account was hindering the Corporate Insolvency Resolution Process (CIRP) and affecting creditors and stakeholders. The ED, however, contended that the NCLT lacked ...