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The NCLAT upheld the refusal of the Adjudicating Authority to direct the ED to release provisionally attached assets of the Corporate Debtor under the PMLA during CIRP. It held that the moratorium under Section 14 of the IBC does not prohibit provisional attachment of assets linked to pre-existing criminal investigations involving proceeds of crime. Section 238 of the IBC does not override the PMLA in cases of inconsistency, particularly concerning tainted assets, as both statutes operate in distinct fields with complementary objectives. The tribunal affirmed that tainted assets are excluded from the commercial asset pool protected under the IBC. Further, NCLT/NCLAT lack jurisdiction to interfere with confirmed attachment orders under the PMLA. Consequently, the appeal challenging the attachment was dismissed, reinforcing the primacy of penal enforcement over insolvency resolution in matters involving proceeds of crime.
The NCLAT upheld the refusal of the Adjudicating Authority to direct the ED to release provisionally attached assets of the Corporate Debtor under the PMLA during CIRP. It held that the moratorium under Section 14 of the IBC does not prohibit provisional attachment of assets linked to pre-existing criminal investigations involving proceeds of crime. Section 238 of the IBC does not override the PMLA in cases of inconsistency, particularly concerning tainted assets, as both statutes operate in distinct fields with complementary objectives. The tribunal affirmed that tainted assets are excluded from the commercial asset pool protected under the IBC. Further, NCLT/NCLAT lack jurisdiction to interfere with confirmed attachment orders under the PMLA. Consequently, the appeal challenging the attachment was dismissed, reinforcing the primacy of penal enforcement over insolvency resolution in matters involving proceeds of crime.
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