The National Company Law Appellate Tribunal (NCLAT), New Delhi comprising of Justice M. Venugopal, Judicial Member, V.P. Singh and Dr. Ashok Kumar Mishra, Technical Members recently held that filing of Application u/s 60(5) of the I & B Code is not an all-pervasive one.
The Appellant/Resolution Professional even though had filed Company Appeal being dissatisfied with the order seeking to set aside the ‘Attachment of the Property of the Corporate Debtor by the Respondent/Enforcement Directorate vide order dated 24.10.2019 passed by the Adjudicating Authority PMLA etc.
The Appellate Tribunal made it candidly clear that filing of Application u/s 60(5) of the I & B Code is not an all-pervasive one, thereby conferring Jurisdiction to an Adjudicating Authority to determine any question/issue of priorities, the question of Law or Facts pertaining to the Corporate Debtor when in reality in Law, the Adjudicating Authority is not empowered to deal with the matters falling under the purview of another authority under PMLA. The Appeal was failed.