SC in BPSL case: NCLT, NCLAT have no jurisdiction to review PMLA order

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SC in BPSL case: NCLT, NCLAT have no jurisdiction to review PMLA order - Business Standard

Quick Summary:

Matters involving public law — such as attachment of assets by the ED under the PMLA — will now need to be adjudicated in separate forums, such as special courts or tribunals, rather than being resolved within the IBC framework, he explained.

The introduction of Section 32A in the IBC aimed to provide immunity to the corporate debtor and its new management from prosecution for offences committed by the prior management before commencement of the corporate insolvency process.

The National Company Law Tribunal (NCLT) and its appellate body do not have the power of judicial review under the Prevention of Money Laundering Act, 2002 (PMLA), the Supreme Court observed in its judgment in Bhushan Power and Steel (BPSL) on 2 May.