The Insolvency and Bankruptcy Code 2016 will prevail over the Prevention of Money Laundering Act 2002, and hence no attachment can be ordered under PMLA against the assets of corporate debtor undergoing insolvency process.This was held by the National Company Law Tribunal, Mumbai bench, allowing an application moved by Resolution Professional of Sterling SEZ and Infrastructure. The Insolvency and Bankruptcy …
![IBC Overrides PMLA; No Attachment Possible Under PMLA During Insolvency Process : NCLT [Read Order]](/static/images/error.jpg)