https://www.taxtmi.com/caselaws?id=386892 Corporate debtor assets under insolvency resolution were examined in relation to a provisional attachment under the PMLA. The Tribunal treated the dispute as falling within its insolvency jurisdiction because the attachment directly affected the resolution process, secured creditors' claims, and the pending resolution plan. On the merits, it found the properties had been acquired and mortgaged to banks before the alleged laundering activity, so they lacked a demonstrated nexus to proceeds of crime. The attachment could not be sustained on an equivalent value theory without such nexus, and it was lifted to avoid obstructing the insolvency process and the prior security interests of creditors. en-us Thu, 11 Jul 2019 00:00:00 +0530 Fri, 11 Oct 2019 11:39:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386892 Corporate debtor assets under insolvency resolution were examined in relation to a provisional attachment under the PMLA. The Tribunal treated the dispute as falling within its insolvency jurisdiction because the attachment directly affected the resolution process, secured creditors' claims, and the pending resolution plan. On the merits, it found the properties had been acquired and mortgaged to banks before the alleged laundering activity, so they lacked a demonstrated nexus to proceeds of crime. The attachment could not be sustained on an equivalent value theory without such nexus, and it was lifted to avoid obstructing the insolvency process and the prior security interests of creditors. Case-Laws Insolvency and Bankruptcy Thu, 11 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386892