Court Clarifies PMLA's Role in CIRP: Evidence Needed to Classify Properties as Crime Proceeds Under Provisional Attachment.

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Full Text of the Document

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....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....