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Sep 30, 2019

Properties Attached as ‘Proceeds of Crime’ under PMLA cannot be part of a Resolution Plan under IBC

The National Company Law Appellate Tribunal (‘NCLAT’) has on July 2, 2019[1] held that the properties of a corporate debtor which are attached by the Director of Enforcement under Section 5(1) of the PMLA fall within the definition of ‘Proceeds of Crime’ under Section 2(1)(u) of the PMLA and such properties cannot be a part of a resolution plan by under the Insolvency & Bankruptcy Code, 2016 (‘IBC’).

[1] Rototmac Global Private Limited (through Anil Goel, Liquidator) v. Deputy Director, Directorate of Enforcement, Company Appeal (AT) (Insolvency) No. 140 of 2019 (NCLAT).

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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