The Bombay High Court has held that a special court trying cases under the MPID Act does not have the authority to attach properties based on applications filed by aggrieved parties. The court emphasised that only the state government has the power to attach properties under the Maharashtra Protection of Interest of Depositors (MPID) Act, which requires the issuance of a notification.
The court was hearing an appeal by IIFL Commodities Ltd (formerly India Infoline Commodities Limited), challenging a special court's May 6, 2023, order directing authorities to attach its properties to the extent of funds it received from investors or depositors.
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