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The National Company Law Appellate Tribunal (‘NCLAT') has on July 2, 2019 held that the properties of a corporate debtor which are attached by the Director of Enforcement.
The National Company Law Appellate Tribunal ('NCLAT')
has on July 2, 20191 held that the properties of a
corporate debtor which are attached by the Director of Enforcement
under Section 5(1) of the PMLA fall within the definition of
'Proceeds of Crime' under Section 2(1)(u) of the PMLA and
such properties cannot be a part of a resolution plan by under the
Insolvency & Bankruptcy Code, 2016 ('IBC').
Footnote
1 Rototmac Global Private Limited (through Anil Goel,
Liquidator) v. Deputy Director, Directorate of Enforcement, Company
Appeal (AT) (Insolvency) No. 140 of 2019 (NCLAT).
Orignianlly published September 30, 2019.
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