Although art. 110.26(F)(1)(b) would permit it if it were above the panel.but not below it.I think it would have to be a judgement call by the AHJ on whether to allow it to remain.After all,the plumber could turn an ell up,run the pipe through a sleeve across the top of the panel,and then ell back down,which would make it code compliant but certainly be more in the way of the electrical.If I were the electrician I'd prefer below the subpanel
