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NCLT orders removal of attachment over assets of corporate debtor on approval of resolution plan

October 12, 2020[2020] 120 139 (NCLT - Mum.)

IBC: Where Corporate Insolvency Resolution Process (CIRP) of corporate debtor had been initiated and applicant's resolution plan had been approved by CoC and applicant had filed application under section 60(5) praying for various directions as to be given to Sugar Commissioner for removing attachment over assets of corporate debtor, it was held that since amount specified in certificate had already been paid directly to farmers in accordance and in furtherance of order of Tribunal approving resolution plan, there was no apparent reason to keep properties as a charge/encumberance on past dues of corporate debtor as same was merely delaying process of CIRP and causing prejudice to interests of farmers and, therefore, application was to be allowed and Sugar Commissioner was directed to remove entry of Government of Maharashtra on 7/12 extracts of corporate debtor

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