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Appropriate forum for action under MPID Act is Designated Court under Act and not NCLT: HC

November 19, 2020[2020] 121 taxmann.com 196 (Bombay)
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IBC : Action taken under provisions of Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 (MPID Act) against a 'Financial Establishment', as contemplated under MPID Act, can be challenged before Designated Court under MPID Act and not before NCLT and, thus, appropriate forum to challenge attachment of account of a financial establishment is Designated Court under MPID Act

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