Finance Minister Nirmala Sitharaman has assured that a solution will be found soon to resolve conflict between Company Law Tribunals and the probe agencies such as Enforcement Directorate (ED) in insolvency related matters.
This assurance has come at a time when the Enforcement Directorate (ED) questioned the jurisdiction of National Company Law Tribunal (NLCT) in the matter related with attachment of properties of Bhushan Steel & Power against which insolvency and bankruptcy proceeding is going on.
In fact, the ED said that the NCLT does not have jurisdiction to tell it that it can’t attach assets of the company. Experts believe that there is already delay in adopting resolution on one ground or the other, the probe agencies are further delaying the process.
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