FEMA Proceedings Cannot be Continued During Moratorium u/s 33(5) of IBC: Calcutta HC [Read Order]

The corporate debtor may be sold as a going concern or its assets may be sold after liquidation
By Yogitha S. Yogesh - On April 24, 2025 4:38 pm - 2 mins read
FEMA - IBC - Calcutta High Court - taxscan

The Calcutta High Court has held that in light of the bar under Section 33(5) of the Insolvency and Bankruptcy Code, 2016 (Code), all proceedings, including those that were ongoing at the time of the order, under the Foreign Exchange Management Act, 1999 (FEMA), cannot be continued or new proceedings can be started once a…

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