NCLAT - Can ED attach a company's assets during moratorium periodって動画が話題らしいぞ
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Continuing our video series on important legal developments, we bring you a significant IBC update on enforcement and moratorium.
In this update, our Principal Associate, Rashi Srivastava walks through an NCLAT ruling that clarifies the limits of IBC moratorium when facing ED action under PMLA.
The case involved a corporate debtor under insolvency proceedings with assets that the ED had already attached under the Prevention of Money Laundering Act. However, this attachment Order was set aside by the Appellate Tribunal. The Order of the Appellate Tribunal was challenged before the Bombay HC but no stay was granted. ED withdrew money from the frozen account. When the company entered liquidation, its liquidator argued that the ED's withdrawal violated the statutory moratorium under Section 14 of the IBC. The NCLAT disagreed. It held that moratorium protects legitimately acquired assets not ill-gotten wealth of Corporate Debtor. PMLA and IBC serve different purposes: PMLA combats organized economic crime and protects financial system integrity, while IBC resolves insolvency of a single company. The Tribunal ruled that national interest cannot be compromised for the sake of creditor recoveries. More critically, it held that IBC tribunals lack jurisdiction over ED's actions, only PMLA's adjudicatory mechanism has jurisdiction.
This ruling matters for companies in insolvency with ongoing ED investigations. The moratorium won't shield your assets from attachment even if they're not yet declared as proceeds of crime. IBC tribunals can't intervene, and the only remedy is through PMLA adjudication.
Watch the full update to understand where PMLA overrides IBC.
#LakshmikumaranandSridharan #lks #IBC #insolvencylaw #PMLA #ED #Moratorium #NCLAT #LegalUpdate #corporatelaw #IndiaTax
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