Vantage Point Asset Management Pte. Limited Vs Gaurav Misra Resolution Professional of Alchemist Infra Reality Limited & Anr. (NCLAT Delhi)
NCLAT Delhi held that that Provisional Attachment Order has to be treated to cease by virtue of legislative scheme under Section 32A of the Insolvency and Bankruptcy Code and there is no necessity to obtain any order by the SRA from the adjudicating authority under the PMLA.
Facts- This Appeal has been filed by the Appellant a Successful Resolution Applicant (“SRA”) challenging the order passed by National Company Law Tribunal, New Delhi Bench (Court – II) allowing IA No.01 of 2024 filed by the Resolution Professional (“RP”) for approval of Resolution Plan to the limited extent to the findings and directions given in paragraphs 60 and 61 of the impugned order observing that ‘it would be for the SRA to resort to the appropriate proceedings to seek remedy in this regard’. In paragraph 61, the relief sought regarding directions to the Directorate of Enforcement (“ED”) to release property attached by it was rejected.
Conclusion- Held that Provisional Attachment Order shall cease to operate after resolution plan is approved, bringing into effect Section 32A. In the present case conditions under Section 32A for extending the benefit to appellant are fulfilled and it is not the case of either of the parties that the SRA does not fulfil the condition contemplated under Section 32A. We thus are of the view that Provisional Attachment Order has to be treated to cease by virtue of legislative scheme under Section 32A and there is no necessity to obtain any order by the SRA from the adjudicating authority under the PMLA. The observation of adjudicating authority in paragraphs 60 & 61 that SRA to approach the authorities under PMLA for release of the provisional attachment were unnecessary and not required.
