TMI Blog2020 (9) TMI 700X X X X Extracts X X X X X X X X Extracts X X X X ..... rform his duties under the I B code. The order of attachment under the notification dated 01.02.2012 under the MPID Act to the extent of property Shop No. 21, Ground Floor, Bonanza Arcade, Amboli, S. V. Road, Andheri West, Mumbai-400058 is set aside. Application allowed. - M. A. No. 3189/MB/2019 IN CP (IB) -4216/I&BP/MB/2018 - - - Dated:- 27-1-2020 - Hon ble Shri Suchitra Kanuparthi, Member (J) And Hon ble Shri V. Nallasenapathy, Member (T) For the Applicant: Anuja Bhansali, PCS ORDER Per : Suchitra Kanuparthi, Member (J) 1. This is an Application filed by the Resolution Professional under Sections 14, 18 and 23 of the IB Code seeking order as follows: a. That this Hon ble tribunal may be pleased to set aside M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in fact the notification dated 01.02.2012 has sought to attach the properties of financial establishment (Dhanlaxmi Co-op. Credit So.) and its directors/officers named in the MPID notification. The MPID notification does not include the name of the Corporate Debtor and the properties are said to have been attached wrongly. 3. The Applicant submitted that vide his letter dated 31.08.2019, he informed the Respondents about the CIRP of Corporate Debtor and requested the Respondents to release all the three immovable properties of the Corporate Debtor and that it is a settled principal of law that the company and its directors are separate legal entities and the properties of the company are not of its directors. Thus, the attachment of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant further filed form-8 showing the particulars of creation of charges of assets and a certificate from the ROC pursuant to provisions of Section 132 of Companies Act certifying that the above mortgage charged of ₹ 6, 96, 00, 000/- has been registered. The details of the properties include Shop No. 21, Shop No. 22, flat No. 10-A, and Plot No. 53 belonging to the Corporate Debtor. 7. Despite service of notice, the respondent failed to appear. The matter was heard and reserved for orders. 8. The Counsel for the Applicant relied on a Judgement of the Principal Bench, New Delhi in C.A. No. 1312/2018 in the matter of Bank of India v. Tiruputi Infra Projects Pvt. Ltd. wherein it was held that the MPID Act, 1999 is a state enactment t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other Further, even in absence of a direct conflict, where the Parliamentary law is intended to be a complete, exhaustive or exclusive code, a state law so long as it is referable to the same subject- matter as the Parliamentary legislation does not purport to be exhaustive or unqualified but itself permits or recognises other laws restricting or qualifying the general provisions made in it, there can be said to be no repugnance. b) Constitution of India- Art. 254- Repugnant State law- when prevails over Parliamentary Law- Effect of subsequent Parliamentary Law- Repugnant legislation by the State is void only to the extent of the repugnancy- Further, when it is found that a state legislation is repugnant to Parliamentary Legislation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rument having effect by virtue of any such law. f) In view of the provision of Section 238 of Code and the Non-Obstante power as envisaged under the code, the parliamentary enactment will prevail over Sec 4 of Maharashtra Relief Undertaking Act. 9. Further Section 14 of the Code would continue to apply and moratorium period would govern the affairs of Corporate Debtor and the repugnancy between the provisions of Section 14 of the IBC and those of MPID will prevail and the MPID Act has to give away to the parliamentary statute and hence the judgement of the Principal Bench set aside the attachment order passed under the MPID Act and allowed the Application. 10. As a Sequel to the above discussions, this application is allowed. T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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