Bhushan Power case: NCLAT directs ED, MCA to reach consensus on asset attachment

The National Company Law Appellate Tribunal (NCLAT) had directed the Enforcement Directorate (ED) and Ministry of Corporate Affairs (MCA) to reach a consensus on settling the conflict in the provision of Prevention of Money Laundering Act with regard to attachment of property under insolvency.

Hearing a case filed by JSW Steel at NCLAT, a three-member bench headed by Chairperson Justice SJ Mukhopadhaya said there was no question of amendment of laws, and both the wings of the central government should settle the issue.

“You are the two wings of the same government. You should talk it out and settle the issue,” he said.