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Insolvency and Bankruptcy Code has an overriding effect over Money Laundering Act

February 6, 2019[2019] 101 491 ((PMLA-AT), NEW DELHI)

IBC : Prevention of Money Laundering Act is a statute which came into effect much prior to coming into force of IB&C, hence, IB&C has overriding effect over PMLA

FEMA, BANKING AND INSURANCE : Adjudicating Authority under PMLA does not decide on criminality of offence, hence, proceedings under section 8 of PMLA before Adjudicating Authority are civil proceedings and should have been stayed on passing of moratorium order by NCLT under IBC which was applicable to all proceedings except criminal proceedings

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