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ARTICLE · 21 JUNE 2022

Monthly Newsletter - May 2022

AKS Partners
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The legislative intent of the Parliament while enacting The Insolvency and Bankruptcy Code, 2016 ("IBC") in all its wisdom was clear, i.e. to make the business environment in the country...

IndiaInsolvency/Bankruptcy/Re-Structuring
Anish Jaipuriar
Anish Jaipuriar
Suraj Raj Kesherwani
Suraj Raj Kesherwani
Suhel Qureshi
Suhel Qureshi

Property under Proceeds of Crime: Conflicting Actions in PMLA and IBC

INTRODUCTION

The legislative intent of the Parliament while enacting The Insolvency and Bankruptcy Code, 2016 ("IBC") in all its wisdom was clear, i.e. to make the business environment in the country, creditor friendly, wherein the value of the assets of a debtor gets maximised and remains free from the factors of its failure while going into insolvency.

The said intention was strengthened vide Section 32A of the IBC, which was introduced by the Insolvency and Bankruptcy Code (Amendment) Act, 2020 ("2020 Amendment Act").

Even the Standing Committee on Finance ("Standing Committee") on the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 ("2019 IBC Amendment Bill") noted the following while discussing the proposed amendments contained therein:

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