https://www.taxtmi.com/highlights?id=68488 CIRP - applicability of provisions of PMLA - Provisional attachment order - Merely because the impugned order records alleged fraudulent transactions and diversion of funds, it cannot automatically lead to a conclusion that the properties acquired by the petitioners are proceeds of crime. In order to arrive at a conclusion that ‘reason to believe’ exists, there must be some material to suggest such formation of opinion. - HC en-us Mon, 27 Feb 2023 10:34:40 +0530 Mon, 27 Feb 2023 10:34:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=68488 CIRP - applicability of provisions of PMLA - Provisional attachment order - Merely because the impugned order records alleged fraudulent transactions and diversion of funds, it cannot automatically lead to a conclusion that the properties acquired by the petitioners are proceeds of crime. In order to arrive at a conclusion that ‘reason to believe’ exists, there must be some material to suggest such formation of opinion. - HC Highlights Insolvency and Bankruptcy Mon, 27 Feb 2023 10:34:40 +0530 https://www.taxtmi.com/highlights?id=68488