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2020 (10) TMI 262 - Tri - Insolvency and BankruptcyValidity of provisional attachment order - Liquidation Process - Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016 - HELD THAT:- The applicant-corporate debtor is a going concern and undergoing the process of CIRP and at present is at the stage of liquidation. The question of effect of the latest amendment by way of insertion of Section 32A to the Code on the corporate debtor's CIRP and the question of jurisdiction of the Directorate of Enforcement to attach the properties of the corporate debtor or part thereof, which is undergoing CIRP is pending consideration before the Hon'ble NCLAT and of the Hon'ble Supreme Court. It is seen that if the corporate debtor is not permitted to operate the bank accounts, at least to the extent of maintaining the same as a going concern, it will result in closing down the corporate debtor, which is against the object of the Code itself - at this stage, we are not inclined to interfere with the impugned provisional attachment order. However, we permit the applicant-Liquidator of SRS Limited to open a new account in State Bank of India and to operate the same for the purpose of maintaining the corporate debtor company as a going concern, until further orders. However, the applicant has to justify the various transactions in the said new account by filing monthly reports before this Tribunal. List the CA No. 60/2020 on 05.02.2020 along with CA No. 22/2020.
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