Insolvency law cannot override PMLA, says NCLAT; upholds asset attachment by ED
Insolvency & Bankruptcy Code cannot override the Prevention of Money Laundering Act (PMLA), said appellate tribunal NCLAT, adding assets of an debt-ridden firm once attached by the Directorate of Enforcement (ED) and confirmed by competent authority cannot be released for its resolution. Under section 14 of IBC, a moratorium is applied on those assets for…