Insolvency and Bankruptcy Code, 2016
Section 32A—Immunity to corporate debtors—When a resolution plan with the ingredients that qualify for immunity under Section 32A comes to be approved, quasi-judicial authorities including the Adjudicating Authority under the PML Act must take judicial notice of the development and release their attachment on their own—There is no scope whatsoever for the attachment effected by the ED over the attached properties to continue once the approval order came to be passed.
[Paras 36 & 37]
Section 32A—Immunity to corporate debtors—Jurisdiction of NCLT to direct the ED to release the attached properties—NCLT had all powers to direct the ED to raise its attachment in relation to the attached properties of the corporate debtor once a resolution plan that qualifies for immunity under Section 32A of IBC was approved, and those very properties were the subject matter of the resolution plan.
[Paras 26, 52 & 53]