PASCHIMANCHAL VIDYUT VITRAN NIGAM LTD. vs RAMAN ISPAT PRIVATE LIMITED

The Supreme Court examined the validity of property attachment orders in the context of insolvency proceedings under the Insolvency and Bankruptcy Code, 2016. The case involved the dispute over the release of attached property to facilitate the sale of the corporate debtor’s assets for distribution of proceeds. The courts below had authorized the release, and the Supreme Court upheld this decision, emphasizing the priority of insolvency proceedings over attachment orders. The judgment clarified the procedural and legal hierarchy in such cases, reinforcing the authority of the NCLT and NCLAT in insolvency matters.