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IBC - Highlights / Catch Notes

Home Highlights February 2023 Year 2023 This

CIRP - applicability of provisions of PMLA - Provisional ...

Insolvency and Bankruptcy

February 27, 2023

CIRP - applicability of provisions of PMLA - Provisional attachment order - Merely because the impugned order records alleged fraudulent transactions and diversion of funds, it cannot automatically lead to a conclusion that the properties acquired by the petitioners are proceeds of crime. In order to arrive at a conclusion that ‘reason to believe’ exists, there must be some material to suggest such formation of opinion. - HC

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