Power under PMLA to attach assets ceases once liquidation process under IBC starts: Delhi High Court

The Court, however, said that the cessation of prosecution stands restricted only to the corporate debtor and not the individuals who were in charge of its affairs.
Power under PMLA to attach assets ceases once liquidation process under IBC starts: Delhi High Court
IBC, Delhi High Court

The Delhi High Court recently held that the authorities' power to attach assets under the Prevention of Money Laundering Act (PMLA) would cease to be exercisable once the liquidation process under the Insolvency and Bankruptcy Code (IBC) is set in motion [Nitin Jain Liquidator PSL Limited v Enforcement Directorate].

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