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. Ltd. (“Shree Ganesh”) commenced on 12.02.2018 pursuant to an order being passed by the National Company ...