‘Provisional Order of Attachment’ under PMLA will not Nullify Protection u/s 32A IBC: NCLT [Read Order]

'Provisional Order of Attachment' under PMLA will not Nullify Protection u/s 32A IBC, rules NCLT
By Kalyani B. Nair - On February 5, 2024 12:45 pm - 2 mins read
Provisional Order - Attachment - PMLA - Nullify Protection - IBC - NCLT - taxscan

The National Company Law Tribunal, Hyderabad Bench observed that ‘Provisional Order of Attachment’ under the Prevention of Money Laundering Act, 2002 (PMLA) will not nullify protection under Section 32A of the Insolvency and Bankruptcy Code, 2016 (IBC). The applicant filed the application under Sections 32A and 60(5) of the IBC with the prayer of obtaining…

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