The writ petition addresses whether authorities under the Prevention of Money Laundering Act, 2002 (PMLA), retain jurisdiction over a corporate debtor's properties once liquidation is approved under the Insolvency and Bankruptcy Code, 2016 (IBC). The petitioner, the Liquidator appointed by the National Company Law Tribunal (NCLT), seeks reliefs to administer the affairs of M/S PSL Ltd. The Liquidator approached the court after receiving summons from the Enforcement Directorate (ED) investigating the corporate debtor under PMLA. The NCLT had ordered liquidation of the Corporate Debtor on 11th September 2020. The ED issued summons on 15th January 2021, followed by an email on 25th January 2021, directing the Liquidator not to dispose of assets due to a PMLA case. The
…M/s PSL Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 15 February 2019. Nitin Jain was appointed as the Resolution Professional, later becoming the Liquidator after the Committee of Creditors (CoC) recommended liquidation on 06 January 2020, backed by 93.43% of creditors. The CIRP lasted the maximum permissible 330 days without a viable resolution proposal. The Adjudicating Authority ordered liquidation on 11 September 2020. The first sale notice was issued on 27 November 2020, but no offers were accepted. On 15 January 2021, the Liquidator received summons from the Enforcement Directorate (ED), followed by an email on 25 January 2021, instructing not to dispose of assets due to a PMLA case recorded against M/s PSL Limited. A second
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Corporate Debtor…
Committee of Creditors (CoC) passed a…
The writ petition addresses whether authorities under the Prevention of Money Laundering Act, 2002 (PMLA), retain jurisdiction over a corporate debtor's properties once liquidation is approved under the Insolvency and Bankruptcy Code, 2016 (IBC). The petitioner, the Liquidator appointed by the National Company Law Tribunal (NCLT), seeks reliefs to administer the affairs of M/S PSL Ltd. The Liquidator approached the court after receiving summons from the Enforcement Directorate (ED) investigating the corporate debtor under PMLA. The NCLT had ordered liquidation of the Corporate Debtor on 11th September 2020. The ED issued summons on 15th January 2021, followed by an email on 25th January 2021, directing the Liquidator not to dispose of assets due to a PMLA case. The
…M/s PSL Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 15 February 2019. Nitin Jain was appointed as the Resolution Professional, later becoming the Liquidator after the Committee of Creditors (CoC) recommended liquidation on 06 January 2020, backed by 93.43% of creditors. The CIRP lasted the maximum permissible 330 days without a viable resolution proposal. The Adjudicating Authority ordered liquidation on 11 September 2020. The first sale notice was issued on 27 November 2020, but no offers were accepted. On 15 January 2021, the Liquidator received summons from the Enforcement Directorate (ED), followed by an email on 25 January 2021, instructing not to dispose of assets due to a PMLA case recorded against M/s PSL Limited. A second
…Corporate Debtor…
Committee of Creditors (CoC) passed a…