India, Feb. 25 -- The Supreme Court on Tuesday upheld an order of NCLAT that said that attachment under the Prohibition of Benami Property Transactions Act, 1988 (Benami Act) can be challenged only before the authorities provided under that act. A bench of justices PS Narasimha and Atul Chandurkar dismissed an appeal challenging the National Company Law Appellate Tribunal (NCLAT) judgement and imposed costs of Rs 5 lakh each on the petitioners.

"We are of the opinion that the appellants could not have challenged the attachment order passed under the Benami Act before the statutory authorities under the Insolvency and Bankruptcy Code. We have no doubt in our mind that such an invocation is not bona fide and is actually intended to circumv...