Mr. Swaran Sing Atwal is a dynamic agriculturist and an entrepreneur. Atwal family is a major shareholder, owning more than 3/4th stake, in Atwal Agro Products Limited (AAPL), which is one of the largest growers of Narma Kapas (Raw Cotton) in the country. AAPL has farms in the state of Gujarat, Rajasthan, Haryana, and Punjab respectively (i.e. in 4 out of the 8 top cotton manufacturing States in India). Mr. Atwal also owns a couple of cotton mills, in name of Atwal Fabrics and Fashions Limited (AFFL). AFFL consume half of Kapas grown in the farms owned by AAPL and produces spindles of threads of a wide variety and high quality. More than 145,000 spindles of different sizes and weights are manufactured each month in these cotton mills. A part of these spindles are sold in the open market and the rest of them are sent to AFFL for production of fabric. The rest of the Kapas is sold in the designated open market (Mandi). For marketing of Kapas, Mr. Atwal in an individual capacity as a farmer and in a representative capacity of AAPL is a member of Kapas Kisan Union which in no way tries to limit, control, or attempt to control the production, distribution, sale, or price of goods in trade. But the union has charter in memorandum form, signed by all the members, for understanding amongst the members on common minimum aspects. AFFL is equipped with the latest plant and machinery, apart from access to updated techniques supported by Standard Operating Procedure (SOP) and hence it is capable of producing quality fabric and garments. The fabric produced by AFFL is in high demand, not only in India, but in prominent European Countries of Germany, France, Italy, United Kingdom and Belgium and in United States and Canada. Apart from brands of fabric used in modern wear, AFFL also has an internationally recognized brand SS which deals in producing fabric for Dastar (the holy Sikhs turban), Hijab, Safa, and Pagri. This brand remains in high demand, all across the globe by customers of these wears in particular. Atwal Internationals and Fabric Export Limited (AIFEL), a company registered in India is a subsidiary of AFFL which is responsible for booking orders, exporting materials, and ensuring the realization of proceedings from foreign orders. AIFEL has branches/liaison offices in different continents and regions. Each branch office, funds its expenditure itself, by way of managing retail outlet owned by it at its respective location and depends on AIFEL for the shortfall (if any). AIFELs branch office in Toronto (Canada) on account of lockdown failed to make revenue as expected, hence seek foreign currency equivalent to ` 4.60 crores from AIFEL to meet recurring expenditures. Management at AIFEL is not confirmed whether the Exchange Earners Foreign Currency Account (EEFC) can be used to make such remittance or not, if yes then to what extent. But finally, AIFEL used Exchange Earners Foreign Currency Account to remit the amount in foreign currency equivalent to ` 4.25 crores, taking into consideration its turnover during the previous two financial years to be ` 39 crores and ` 46 crores respectively. AFFL sales the fabrics either through its own retail outlets or through a network of distributors and retailers, who trade in other products too and are free to choose from a wide range of fabrics and garments offered by AFFL depending upon the demography of their geographical area of operations, but a common list price is maintained by AFFL for each of the countries to ensure uniformity in prices in all parts of such country. AFFL has entered into an agreement with distributors and retailers for sale of its products in the aforementioned manner. Retailers are expected not to violate the list price. AFFL realizes the fact that many of the domestic players in the hijab segment in India are price sensitive. The cost of producing a regular edition of jersey hijab is ` 150 and the cost of producing a premium range of amira hijab is around ` 500. AFFL in the past couple of years acquired the control of many such small manufacturers and sellers by purchasing their businesses, making their (AFFL) market share the largest in such segment. The prevailing price of the regular edition of jersey hijab in the Indian market runs from ` 300 ` 500, whereas a premium range of amira hijab is available in the price range of ` 800 ` 1000. Further, to enhance the market share in the hijab segment, AFFL decided to reduce their prices from ` 449 to ` 249 in the case of jersey hijab and from ` 899 to ` 449 in the case of amira hijab, in order to rule out the competitors who are unwilling to sell their businesses. Corresponding to the change in price by AFFL, the competitors also reduced their prices. As per the audited financial statements of AFFL of the previous financial year, the turnover net of taxes was ` 5640 crores whereas the book value of assets after charging depreciation as on the reporting date was ` 1640 crores (including intangible assets of ` 90 crores). The fair market value of assets of AFFL as calculated by independent valuer is ` 2420 crores. AFFL believes in growth by inorganic means. AFFL recently packed a deal of acquisition with a high growth domestic company Style Fabrics Limited (SFL), which is, in its initial year of operations but has gained reasonable market share in the Indian fabric market. SFL has a turnover (Net of taxes) of ` 950 crores and a book value of its assets stood at ` 340 crores (against the fair market value of ` 650 crores) as on the reporting date as per the last audited financial statements. The deal is expected to be executed in the upcoming quarter. As per the deal, AFFL will acquire control over SFL, by acquiring its shares through the stock exchange in the ratio of the prevailing market price of a share weighted by its price earning multiple. Further, AFFL is considering the purchase of used plant and machinery but of the latest technology from Tri-Spun Ltd. which is undergoing the Corporate Insolvency Resolution Process (CIRP) in accordance to provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). AFFL is waiting for the resolution plan to be unveiled, through which they can understand which plant and machinery they can buy. But in the mean-time Deputy Director as authorized from the office of Enforcement Directorate (ED) conducted a Search and Seizure proceedings at the premises of the promoters of Tri-Spun Ltd. and issued a provisional attachment order of 180 days under the relevant provisions of the Prevention of Money Laundering Act, 2002, attaching properties of Tri-Spun Ltd., on the basis of findings during the search and seizure proceedings. In this order, immovable as well as movable properties including plant and machinery were provisionally attached. The Insolvency Professional, CA. Anup Mittal, who is appointed as a Resolution Professional for CIRP, of Tri-Spun limited, opposed the order of provisional attachment of assets by ED on the grounds of declaration of moratorium by the Adjudicating Authority on the assets of Tri-Spun Ltd. as per the provisions of the IBC, 2016, and made an appeal seeking the release of assets. The Adjudicating Authority in another case pending against the promoters of Tri-Spun Ltd. passed an order in writing, confirming the attachment of their personal properties, which were believed to be involved in money laundering during the investigation as going on for a period of 180 days now. Such investigation is stayed by the court as an interim relief in an appeal by such promoters.Whether the appeal moved by CA. Anup Mittal, the appointed Resolution Professional of Tri-Spun Limited is tenable? Whether the assets so provisionally attached shall be released or not and provisions of which Act/ Code will prevail? Provide your answer on the basis of the relevant case law as applicable to the facts of the case.