[Insolvency] NCLT empowered to direct ED to release attached properties: Bombay High Court

The Court elaborated that once the creditors have approved a resolution plan as part of the insolvency proceedings, further prosecution against the corporate debtor and its properties ceases.
Bombay High Court
Bombay High Court

The Bombay High Court recently ruled that the National Company Law Tribunal (NCLT) is empowered to direct the Enforcement Directorate (ED) to lift the attachment on properties belonging to company undergoing insolvency proceedings after resolution plan for the insolvency process is approved [Shiv Charan v. Adjudicating Authority & connected petitions]

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