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The National Company Law Appellate Tribunal (NCLAT) on Friday asked the Ministry of Corporate Affairs (MCA) and the Directorate of Enforcement (ED) to sort out whether the assets of Bhushan Power and Steel (BPSL), allegedly purchased from proceeds of crime, can be attached during the insolvency period.
The MCA had, in an affidavit to the NCLAT, said the ED had no rights to attach the properties of a corporate debtor and that doing it would hamper the corporate insolvency resolution process of companies.
Based on these submissions, the NCLAT had asked the ED to forthwith release to the custody of
