In a landmark judgement, the Mumbai bench of National Company Law Tribunal (NCLT) has nullified the attachment notice served by the Enforcement Directorate on Baroda-based Sterling Biotech Ltd (SBL), saying that the NCLT gives speedier justice and that a new legislation Insolvency and Bankruptcy Code 2016 precedes over the existing legislation.
Enforcement Directorate had attached 31 acres of land owned by Sterling Biotech after banks declared the Rs 8,100 crore loans extended to the promoters as fraud. Subsequently, the promoters left the country under suspicious circumstances. NCLT has ordered the release of this land from the ED to the resolution professional to be resolved under the IBC 2016.
“All the properties which were atta…
Read the full article at: https://www.dnaindia.com/business/report-insolvency-code-supersedes-pmla-in-bankruptcy-process-2720181