Moratorium under IBC would override provisions of FEMA: Calcutta HC

Anup Kumar Singh Vs Union of India & others (Calcutta High Court)

Calcutta High Court held that issuance of provisional seizure order under Foreign Exchange Management Act, 1999 [FEMA] is in complete disregard of the moratorium prescribed by section 33(5) of Insolvency and Bankruptcy Code [IBC] since the provisions of the IBC would override the provisions of other Acts like the FEMA.

Facts- Corporate insolvency resolution process (“CIRP”) of Shree Ganesh Jewellery House (I) Pvt.

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