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2019 (3) TMI 1584 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAIOpening of a separate Bank Account - Creation of an initial Corpus of Rupees Ten Crores to be contributed by the Member of the Committee of Creditors towards CIRP cost - apprehension to provisional attachment over the assests - HELD THAT:- This Bench is of the view that the provisions of the Insolvency Code overrides the other laws under section 238 of the Insolvency Code hence an independent and separate view can be taken in this case of Corporate Defaulter. It is worth to mention that M/s Geetanjali Gems Limited being a Corporate Debtor is under Insolvency Proceedings under section 7 of the Code in respect of a Petition filed by ICICI Bank vide an Order dated 8th October, 2018. It is also worth to place on record that the Corpus Fund so arranged is under the directions of NCLT, Mumbai Bench to facilitate the Insolvency Proceedings, hence the asset now so generated is in compliance of the Order of the Code, therefore, not to be attached by any other Authority under law. This is not an asset of the defaulter company hence otherwise also beyond attachment by Directorate of Enforcement. Application allowed - Matter is listed for hearing on 29.04.2019.
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