https://www.taxtmi.com/caselaws?id=430176 Provisional attachment of proceeds of crime under the Prevention of Money Laundering Act is not a debt-recovery action and is not barred by the moratorium under Section 14 of the Insolvency and Bankruptcy Code. The Court held that the two statutes operate in distinct fields: the IBC protects the insolvency estate, while the PMLA preserves tainted property for possible confiscation. It further held that the IBC does not override PMLA attachment before the statutory trigger in Section 32A, namely approval of a resolution plan or liquidation sale. The attachment orders were upheld, while lawful remedies for the petitioner were left open. en-us Fri, 11 Nov 2022 00:00:00 +0530 Mon, 14 Nov 2022 09:01:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430176 Provisional attachment of proceeds of crime under the Prevention of Money Laundering Act is not a debt-recovery action and is not barred by the moratorium under Section 14 of the Insolvency and Bankruptcy Code. The Court held that the two statutes operate in distinct fields: the IBC protects the insolvency estate, while the PMLA preserves tainted property for possible confiscation. It further held that the IBC does not override PMLA attachment before the statutory trigger in Section 32A, namely approval of a resolution plan or liquidation sale. The attachment orders were upheld, while lawful remedies for the petitioner were left open. Case-Laws Money Laundering Fri, 11 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430176