TMI Blog2019 (10) TMI 1472X X X X Extracts X X X X X X X X Extracts X X X X ..... o encumbrance or charge can be created over the property by any authority including the Respondent except in accordance with provisions of IBC, 2018 even for the dues which are payable by the Corporate Debtor. Further it is also evident from Section 238 of IBC, 2016 wherein it has been provided that the provision of IBC, 2016 shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such Law. Thus, taking into consideration the provisions of Section 14 of IBC, 2016 read with Section 238 of IBC, 2016, in view of the CIRP pending in relation to the Corporate Debtor, the assets of the Corporate Debtor could not have been dealt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... moratorium under Section 14 of the IBC, 2016 no encumbrance or charge can be created over the property by any authority including the Respondent except in accordance with provisions of IBC, 2018 even for the dues which are payable by the Corporate Debtor. Section 14 of the IBC, 2016 is reproduced as below for reference:- 14 (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall. by order declare moratorium continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such Law. Thus, taking into consideration the provisions of Section 14 of IBC, 2016 read with Section 238 of IBC, 2016, in view of the CIRP pending in relation to the Corporate Debtor, the assets of the Corporate Debtor could not have been dealt with by the Respondent of the assets of the Corporate Debtor. In the circumstances, the encumbrance which had been created by way of attachment registered by the Respondent stands cancelled. The copy of this order be made available to the Sub Registrar concerned viz , the Sub Registrar, SH128, Shankar Nagar, Sholingur, Tamil Nadu 631 102 wherein the document be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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