Liquidator Cannot Deal With Properties Attached As 'Proceeds Of A Crime' Under PMLA: NCLAT [Read Judgment]

National Company Law Appellate Tribunal (NCLAT) has held that section 14 of Insolvency and Bankruptcy Code does not apply to properties attached as proceeds of crime under the Prevention of Money Laundering Act. In the present case, the Bank of Baroda had initiated 'Corporate Insolvency Resolution Process' against 'Rotomac Global Private Limited' (Corporate Debtor) which was followed by...