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Section 238 of IBC overrides attachment order passed by Economic Offence wing against property of corporate debtor

May 13, 2020[2020] 116 taxmann.com 552 (NCLT - Mum.)
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IBC : Where corporate debtor having mortgaged an immovable property with financial creditor i.e. a bank, availed certain loan facility and, subsequently, said property was leased out to another party without even obtaining the consent of financial creditor and, in such a case, Economic Offences Wing finding the lease transaction in question as mala fide and invalid, attached said property, having regard to overriding effect of provisions of section 238, impugned attachment order was to be declared a nullity and non-est in law and, therefore, Economic Offences Wing was to be directed to release attachment carried out on property of corporate debtor so that Resolution Professional could take possession of said property and conduct CIRP in substantial public interest

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