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Tag Archive for "conflict-between-pmla-and-ibc" -

CentrikBlogsConflict between PMLA and IBC

Tag: Conflict between PMLA and IBC

The attachment of assets by the ED under the PMLA Act is not permissible once a company has entered insolvency

Posted by AdminPosted on June 15, 2023July 7, 20230 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Debt Recovery Management, Grievance Redressal, Insolvency & Bankruptcy Code 2016, Legal AdvisoryTags assets of a company undergoing insolvency proceedings, authorities under the PML Act, completion of the CIRP, Conflict between PMLA and IBC, Insolvency & Bankruptcy Code, insolvency proceedings, insolvency resolution professional (IRP), Prevention of Money Laundering Act, property under PMLA Act

Asset attachment by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA) is critical in combating money laundering and criminal activities.

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IBC to predede over PMLA: NCLAT

Posted by ajay.shuklaPosted on April 24, 2021April 26, 20210 CommentsCategories Debt Recovery Management, Insolvency & Bankruptcy Code 2016Tags appeal filed by the ED against an NCLT order, company goes under CIRP, Conflict between PMLA and IBC, corporate debtor under IBC, Corporate Debtor under NCLT, ED filed a request, IBC, insolvency, NCLT, NCLT Order Challenged by the ED

This isn’t the first time the NCLAT has ruled that, IBC rules take precedence over other laws, such as the attachment of corporate debtor’s assets under the PMLA.

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