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IBC - Highlights / Catch Notes

Home Highlights March 2024 Year 2024 This

Immunity to corporate debtors and their assets, upon approval of ...

Insolvency and Bankruptcy

March 4, 2024

Immunity to corporate debtors and their assets, upon approval of a resolution plan - jurisdiction of NCLT to release the attached properties by invoking Section 32A of the IBC, 2016? - Teh High Court held that the NCLT was within its jurisdiction to direct the ED to release the attached properties, based on the provisions of Section 32A, as it aims to ensure that the approved resolution plan can be effectively implemented. - The court emphasized that once a resolution plan is approved under Section 31 of the IBC, 2016, and meets the criteria for immunity under Section 32A, the attached properties must be released to aid in the revival of the corporate debtor.

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