The Supreme Court of India ruled that National Company Law Tribunal and National Company Law Appellate Tribunal cannot review attachment orders under the Prohibition of Benami Property Transactions Act, 1988, even if linked to Insolvency and Bankruptcy Code, 2016 proceedings, dismissing liquidators’ appeals.
The Supreme Court indicated its plan to scrutinise the scope of powers wielded by the NCLT President in transferring cases across state benches, as Chief Justice Surya Kant and Justice Joymalya Bagchi heard submissions on the sensitive administrative authority.
