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Moratorium u/s 14 of IBC will hit institution and continuation of proceeding before AA under PMLA

April 17, 2021[2021] 126 taxmann.com 210 (NCLAT- New Delhi)
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IBC : Section 14 of IBC will hit institution and continuation of proceedings before Adjudicating Authority under PMLA. Even if authority under PMLA issues order of provisional attachment, institution and continuation of proceedings before Adjudicating Authority for confirmation would be hit by section 14 of IBC

• If Authorities under PMLA on basis of attachment or seizure done or possession taken under said Act resist handing over properties of corporate debtor to IRP/RP/Liquidator consequence of which will be hindrance for them to keep corporate debtor a going concern till resolution takes place or liquidation proceedings are completed, obstructions will have to be removed.

• There is no conflict between PMLA and IBC and even if a property has been attached in PMLA which is belonging to corporate debtor, if CIRP is initiated, property should become available to fulfil objects of IBC till a resolution takes place or sale of liquidation asset occurs in terms of section 32A.

[SREI Infrastructure Finance Ltd. v. Sterling SEZ & Infrastructure Finance Ltd. [2019] 105 taxmann.com 167 (NCLT-Mum.) affirmed.]

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